ce 5 8 Question 7 of 10 P Ernser Corporation takes out a loan from Quinn Bank on January 1, 2015. The interest rate is 8.00%. The loan obligates Ernser to pay $54,000 at the end of each of the next 10 years. Please record the journal entries that Ernser Corporation should make on January 1, 2015 to recognize this transaction. If necessary, round your answer to the nearest dollar. (Hint: This is a non-current liability. As such, the amount borrowed will be the present value of future cash paid.) Account No Journal Entry Required Debit Credit