CP 9-9 Rosedale Corp. obtained a $50,000 loan from Second Capital Bank on January 1, 2019. It purchased a piece of heavy equipment for $48,000 on the same day. The loan bears interest at 6% per year on the unpaid balance and is repayable in three annual blended payments of $18,705 on December 31 each year. Required: 1. Prepare the journal entries to record the following transactions: a. Receipt of loan proceeds from the bank b. Purchase of the equipment. 2. Complete the following loan repayment schedule. D A B E (A-C) Ending loan balance (D-B) Reduction of loan payable Beginning loan balance $50,000 (A x 6%) Interest expense Year ended Dec. 31 2019 2020 2021 Total loan payment $18,705 18,705 18,705 -0- 3. Prepare the journal entry to record the first loan payment. 4. What is the current portion of the loan reported on the balance sheet at December 31, 2019? Provide descriptions for journal entries. General ledger account numbers are not necessary