BORAISE (Total: 15 marks) Part - Long Questions (Total 30 marks) 1 Question 030 marks each Question 1 (30 marks) Spacing Corporation is now in the process of preparing the annual financial reports for the year ended December 31, 2020. The following is a list of transactions involving receivables that occurred during 2020: On March 30, 2020. Spacing Corporation loaned an officer of the company $20,000 and received a note requiring principal and interest at 7% to be paid on March 30, 2022 Spacing Corporation discounted the $20,000 note at a local bank on May 30, 2020. The bank's discount rate is 8%. The note was discounted without recourse and the sale criteria are met On August 31, 2020, Spacing Corporation sold stock in a nonpublic company with a book value of $5,000 and accepted a $6,000 noninterest bearing note with a discount rate of 8%. The $6,000 payment is due on February 28, 2022. The stock has no ready market value Required: Prepare journal entries for each of the above transactions and the necessary year-end adjusting entries (round all calculations to the nearest dolar). Narrative note is not requred ARENA MENO.RS