Analyze and review the following items and determine the appropriate journal entry. Record the journal entry

'1. Bank Loan The loan for $4,000,000 was borrowed at January 1, 2020. Interest on the bank loan is 2.75% annually. Interest has to be paid every January 2, so the rst interest payment is due January 2, 2021. No principal payments were made during the year. Of the bank loan, $1,000,000 is due June 30, 202] with the remainder due June 30, 2026. i. Notes Payable This is a short-term note. The company borrowed money from JRT Investments on October 31, 2020 for 3 months. The principle, along with interest is to be repaid on January 31, 2021. The interest rate is 1.5%. j. Longterm contracts The company uses the percentage of completion method for recording long-term contracts. The company has two long-term contracts with details below Project 1- Downtown Hotel 8:. Shopping Centre 0 Contract price is $10,000,000. - Expected completion date is in 21122 Project #1 - Downtown Hotel & Shopping Centre Contract Price $ 10,000,000 Costs incurred in 2020 2,060,940 Estimated total costs to complete S 7,360,500 Other project information Progress Billings: 31-May 575,000 31-Aug 675,000 30-Nov 750,000 Collections 01-Jul 575,000 09-Sep 670,000