ABC Ltd have recently purchased new premises in order to expand their parking space. The cost of the premises was $2,560,000 and on 1 November they financed the purchase with a 6% loan to Southern Bank to be paid off over six years. ABC Ltd paid a cash deposit of $700 000 and the agreement of the loan stipulates repayments will be $20,000 monthly. The first payment is due on 1 December. Assume interest is calculated monthly. Required (a) Prepare a general journal entry to record the payment due on 1 December. (b) Calculate the outstanding principal after the first payment is made on 1 December