Borrowed $20,000 from the Far North Bank for three years, at 6% interest. Dec. 1 Interest is due on the first day of every month, starting on January 1 next year. Hired seven elves to package toys (they Dec. 5 start work tomorrow) and nine reindeer to deliver them on Christmas Eve. Dec. 24 Dec. 24 Dec. 26 Dec. 28 Dec. 31 Jan. 1 Since they were hired, the seven elves have worked for 14 days each, 7.5 hours per day, and today Santa pays them $22 per hour. As the North Pole is in Canada, Santa has deducted the following in total from the elves' pay: EIT $2525; CPP $550; and El $350. The appropriate employer portion is also accrued The deliveries were successful and the reindeer are paid with apples, oats, honey, and whatever milk and cookies Santa was able to take away. Santa's accountants, Scrooge, Grinch & Partners, tell Santa that he owes $8000 for last year's income taxes. He has not paid this amount yet. It will be paid in April. The first interest amount on the loan, due tomorrow, is accrued. The bank deducts the interest from Santa's account. Santa pays Revenue Canada the Jan. 15 amount owed with respect to the elves' payroll.