Assignment Jackson Ltd purchased a new car on 1 January 2016, from Sulyman Ltd, on hire purchase terms under which Jackson Ltd paid a deposit of N 615,000, to be followed by four annual installments of N 500,000 each, payable on 31 December. Interest is charged on outstanding balance at 10% per annum. Cash price of the car is # 2,200,000. The accounting year of both companies ends on 31 December. Depreciation on the car is at 20% per annum on straight-line basis. All the sums due were paid on due dates. Required: Using Interest received method and interest suspense method (a) Show the relevant ledger entries in the books of Jackson Ltd. (b) Prepare SOPL and SOFP extract for the relevant years