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Elbow Construction Ltd. borrowed $340,000 from TD Bank on October 1, 2017, for a nine-month period; 5% interest is payable at maturity. Both companies have

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Elbow Construction Ltd. borrowed $340,000 from TD Bank on October 1, 2017, for a nine-month period; 5% interest is payable at maturity. Both companies have a December 31 year end and make adjusting entries annually. For Elbow Construction, record (1) the receipt of the bank loan on October 1, 2017; (2) the accrual of interest on December 31, 2017; and (3) the payment of the loan on July 1, 2018. (Credit account titles are automatically indented when the amount is entered. Do not indent nun"all"

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