Crane Ltd., which has a December 31 year end, had the following transactions in December 2024 and January 2025: \begin{tabular}{|c|c|} \hline \multicolumn{2}{|l|}{2024} \\ \hline Dec. 1 & \begin{tabular}{l} The company borrowed $139,200 from a bank on a six-year loan payable. The terms of the loan stipulate that Crane \\ must repay 1/6 of the principal every November 30 plus the interest accrued to that date. The loan bears interest at 8% \\ per annum. \end{tabular} \\ \hline Dec. 31 & \begin{tabular}{l} Recorded employee wages for December. The wages earned by employees amounted to $12,400, and the company \\ withheld CPP of $676, El of $196, and income taxes of $2,480. Crane's employer contributions were $676 for CPP and \\ $274 for El. \end{tabular} \\ \hline Dec. 31 & Recorded the entry to reclassify the current portion of the bank loan. \\ \hline Dec. 31 & Recorded the adjusting entry to record the interest incurred on the bank loan during December. \\ \hline \multicolumn{2}{|l|}{2025} \\ \hline Jan. 2 & Paid the wages recorded on December 31. \\ \hline Jan. 14 & Made the remittance to the government related to the December 31 payroll. \\ \hline \end{tabular} Pre! acco accc