Act # Credit Debit 45,000 6,200 26,150 Accounts Salaries Expense Payroll Tax Expense Retained Earnings Equipment Accounts Receivable Insurance Expense Utilities Expense Merchandise Inventory Accounts Payable Common Stock Cash Cost of Goods Sold Sales Accumulated Depreciation-Eq 46,000 8,000 1,600 800 12,000 7,400 30,000 16,000 38,950 95,000 16000 174,550 Total 174,550 The following transactions took place in May: May 1" Borrowed $120,000 from Nice Bank by signing a 5-year, 5.75% note. Bank requires equal amount of monthly payment at the end of each month. Each payment consists of interest and a portion of the principal of the loan. The interest is compounded monthly. Journalize the transaction and prepare the necessary loan amortization schedule in the Computations Tab