CURRENT AND LONG-TERM LIABILITIES In 2013 Crosson, Inc. engaged in the following transactions related to liabilities: 1/2/13 Crosson. Inc. issued S2.100.000 5-year bonds that have a contract interest rate of4% The terms of the bonds require Crosson, Inc. to make semi-annual interest payments which are due on June 30th and December 31st of each year. The bonds were sold at 101.75 1/3/13 Crosson, Inc. signed a long-term note and borrowed cash of S1,500,000 from New Zealand Bank. The loan has an annual interest rate of2.5%. The terms of repayment require 6 annual payments of principal and the appropriate interest on December 31st of each year as calculated in the schedule below For the Year NPBalance TetalAn ual Interes Decrease in NPBalance on Jan. Payment NP en Dec. 3 31/2013 1,500,000 272 t00 37.500 234.800 265.200 12/31/2014 1,265,200 272,300 40,670 024 530 31/2015 1.024.530 272.300 25 $13 24,657 777,843 12/31/2016 777,R43 272,300 19A46 252, RS4 524,989 12/31/2017 524.089 3.125 259.125 265.814 1231/2018 65.RI4 272.459 6645 65,8 2/10/13 Crosson, Inc, paid $3,000,000 cash to purchase new operating equipment. 6/30/13 Crosson, Inc. made the semi-annual interest payment to its bondholders and recorded amortization. 12/16/13 Crosson, Inc. signed a promissory note to Brand Bank in exchange for a cash loan of $48,000The loan is for 45 days, and the annual interest rate to be paid is 2% 12/31/13 Crosson, Inc. made the semi-annual interest payment to its bondholders and recorded amortization. 12/31/13 Crosson, Inc, made the required annual payment on its note payable to New Zealand Bank. 12/31/13 Crosson, Inc. recorded the adjustment necessary to accrue interest on the loan from Brand Bank Instructions l. Using the general journal provided on the following page. prepare journal entries to record the above transactions associated with liabilities (be sure to include correct dates and explanations, the income tax entry has been recorded) 2. Using the t-account balances provided (which include the above journal entries. complete the attached financial statements 3. Answer questions a-k on the following page