CSJHX In operates with a December 31 year -end During 2015, the following transactions occurred: January 1: Received a two-year, 7% loan for 550,000. Interest and principal are to be paid at maturity. February 1: Was approved for a line of credit of 540,000 with the bank. Interest of 9% will be charged on borrowed funds with appropriate interest paid as borrowings are repaid CSJHX borrowed 520,000 on the line of credit. June 1: Repaid 515,000 on the line of credit, plus accrued interest. November 1: Acquired equipment needed for the business and issued a one year Note Payable @6% for 520,000. Equipment has 10 yr. life, Company uses S/Line depreciation. Record all journal entries necessary to report the above transactions. Record all necessary adjusting entries as of December 31, 2015. (Adjusting entries are done annually.) Show the Liabilities section of your Balance Sheet at December 31, 2015