D 1 The following selected transaction and events of Ashmore Lid Were completed during the nocounting year just onded, 31 December 20X5 Interest rates reflect 2 market rate unless indicated. 3 5 b 7 9 d On 1 June, the company borrowed $54,000 in cash from the bank on a demand basin. The interest rate was 595 to be paid on the anniversary date of the loan Merchandise was purchased on account, a $20,000, one year 0% interest bearing note, dated 1 April 20x5, was given to the supplier Interest is paid when the amount is due on 1 April 20X6. Merchandio was purchased on account a two year, $18,000,2% note dated 1 February 20x5 was given to the supplier Interest is due annually on 1 February The going interest rate for this term and risk was 8%. Use the gross method to record the note payable A supplier dellvered goods on account conting US$22,000. The exchange rate was US$1nd$0.98 at that time 10 Ashmore has been sued by a customer for $160,000. The legal team confidently believes that there is an 85% chance that Ashmore will successfully defender 11 New legislative requirements came into force at the beginning of this year regarding environmental remedintion. Ashmore believes it will have to pay $90,000 12 in nine years time when the company vacates and premises. The going interest rate for this term and risk was 8 13 Payroll records showed that the following amountare unpaid Crownges $130,000; Income tax $33,000, EI $0,100 CPP $5,500 Union Dues $3,500 14 h The employer portion of El and CPP are recorded. 15 1 Remittances were income tax, $31.350; ET $10,250, CPP $9.720; union dues $1.450 16 Cash dividends declared but not yet paid were $23.500 IT I Accrue appropriate interest at 31 December, and adjust the foreign denominated payable to the year endrinto, U8$1-Cnd$0.94 Ta 15 Give the entry or entries for each of the above transactions and events, if needed. (if not needed, explain why) 20 21 Prepare a list (title and amount) of the liabilities of Ashmore at 31 December 20X5 22 24 25 29