Exercise 3 Journalize the following transactions, incurred by Vicovaro S.p.A in 2020: a) On June 20, 2020, Vicovaro S.p.A. pays 7,500 as its income tax balance for 2019, and 12,800 as the first advance payment on its income tax for 2020. On November 30, the company pays 19,200 as a second advance payment on its income tax. At the end of 2020, Vicovaro determines that the total income tax for 2020 is 30,000 b) On September 1, 2020, the company borrows 450,000 from Unidebit Bank, to be repaid one year later, on August 31, 2021, plus 7% interest. Journalize all the entries related to the loan, from the date in which it is incurred to its repayment, including all the adjusting and closing entries at the end of 2020. The entries should be presented first by applying present value accounting, and then using future value accounting. Determine the present value of the loan at December 31, 2020, and the interest expense related to the loan for 2020 and 2021, under both present and future value accounting. c) On October 31, Vivocaro S.p.A. receives an advance payment from a customer of 15,000, corresponding to 20% of the final price of the order. On November 15, the company delivers the merchandise, costing 56,800, to the customer. Two days later, the customer returns 10% of the items, because of quality issues, and obtains a 5% allowance on the remaining outstanding balance of the account receivable Journalize the entries using perpetual inventory first, and then using the periodic inventory method. d) On November 9 Viru using the periodic inventory method. d) On November 9, Vicovaro uses 10 units of its products (office furniture) to equip its offices. The products are carried at a manufacturing cost of 420 each, and they are normally sold for 700