E4-27 (similar to) Question Help * Bank of Chicago loaned St. Germaine Paint Company $1.600,000 on May 1,2000. The loan plus interest of 8% is payable on May 1, 201 Requirements 1. Using the balance sheet equation format, prepare an p analysis of the impact of the transaction on both Bank of Chicago's and St. Germasine's inancial posion on May 1, 20x0. Show the summary adjustments on December 31, 20x0, for the period May 1 to December 31. Prepare an analysis of the transacion that takes place on May 1, 20X1, when St. Gemaine repays its obligation. 2. Prepare adjusting joumal entries for Bank of Chicago and St. Germaine on December 31,20x0 . Prepare the entries that Bank of Chicago and St. Germaine would make on May 1, 20X1 when the loan and interest is repaid. These entries should include interest that accumuates between January 1, 20X1 and May 1, 20X1. Requirement 1. By using the balance sheet equation format, prepare an analysis of the impact of the transaction on both Bank of Chicago's and St. Germaine's fnancial position on May 1, 20X0. Show the summary adjustments on December 31, 20X0, for the period May 1 to December 31. Prepare an analysis of the transaction that takes place on May 1, 20x1, when St. Germaine repays ts obilgabon Begin by preparing the analysis for Bank of Chicago. (Use parentheses or a minus sign to show a decrease in the balance sheet equation component and leave any unused oels biank.) Assets Stockholders' Equity Accrued Accrued Note Note nterest Receivable Receivable Payable Revenue 200 May 1 Deo 31 20X1 May 1 Enter any number in the edit fields and then click Chock