Described below are certain transactions of Atlantic Company for 2020 Question 2 of 15 5 points...

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Described below are certain transactions of Atlantic Company for 2020 Question 2 of 15 5 points Save Rower On April 10, the company purchased goods from Alfa Company for $80,000, terms 2/15, n/30. Purchases and accounts payable are 5 marks)ecorded at gross amounts and the company uses a periodic inventory system. The invoice was paid on April 18 On May 1, the company purchased equipment for $70,000 from Electro Company, paying $20,000 in cash and giving a one-year, 996 note for the balance. On September 30, the company borrowed $108,000, by signing a one-year zero-interest-bearing $133,000 note at First State Bank Required: a. Prepare the journal entries necessary to record the transactions above using appropriate dates. (3 Marks) b. Prepare the adjusting entries necessary at December 31, 2020 in order to properly report interest expense related to the above transactions. Assume straight-line amortization. (Round your answers to the nearest whole number). (2 Marks) For the toolbpress ALT+F10 (PC) or ALT+FN+F18 (Mar) Described below are certain transactions of Atlantic Company for 2020 Question 2 of 15 5 points Save Rower On April 10, the company purchased goods from Alfa Company for $80,000, terms 2/15, n/30. Purchases and accounts payable are 5 marks)ecorded at gross amounts and the company uses a periodic inventory system. The invoice was paid on April 18 On May 1, the company purchased equipment for $70,000 from Electro Company, paying $20,000 in cash and giving a one-year, 996 note for the balance. On September 30, the company borrowed $108,000, by signing a one-year zero-interest-bearing $133,000 note at First State Bank Required: a. Prepare the journal entries necessary to record the transactions above using appropriate dates. (3 Marks) b. Prepare the adjusting entries necessary at December 31, 2020 in order to properly report interest expense related to the above transactions. Assume straight-line amortization. (Round your answers to the nearest whole number). (2 Marks) For the toolbpress ALT+F10 (PC) or ALT+FN+F18 (Mar)