BE4-9 On July 1, 2018, the Canada Bank lent $40,000 to Nakhooda Limited. The 18-month loan bears interest at 6%. Prepare the journal entries to record each of the following on the Canada Bank's books: (a) The issue of the bank loan on July 1, 2018 (b) The accrual of interest at the Canada Bank's year end, December 31, 2018 and 2019, assuming adjusting entries are recorded annually and interest is collected at maturity (c) Collection of the interest and the loan on January 1, 2020 (d) If you completed BE4-8, compare your answers for Nahkooda and the Canada Bank. BRIEF EXERCISE 4-8 2018 au 1 (b) 2018 DEC 2019 Vetticles - 30,000 40,000 Bank Loch payable CASH --> 10,000 21 interest expense 140,000 x 6%*6/12) 1,200 inrellecr pavaru > 1,200 31 Inrenost expence (40,000 X6%) 2,400 Inrenes payane ->2,400 Bonke loon payaore 40,000 inrener parasic C1,200 + 2,400) 3,600 CASH - -> 43,600 pec. inreness W 2020 van 1 BE4-8 On July 1, 2018, Nakhooda Limited received an 18-month loan for $40,000 from a bank at 6% and with these funds and another $10,000 cash, purchased a vehicle for $50,000. Prepare the journal entries to record each of the following on Nakhooda's books: (a) The purchase of the vehicle on July 1, 2018 (b) The accrual of interest at Nakhooda's year end, December 31, 2018 and 2019, assuming adjusting entries are recorded annually and interest is due at maturity (c) Repayment of the interest and the loan on January 1, 2020