Exercise 9-21 Complete the accounting cycle using long-term liability transactions (LO9-2, 9-8) [The following information applies to the questions displayed below.) On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances: Accounts Cash Accounts Receivable Inventory Land Buildings Allowance for Uncollectible Accounts Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals Debit $ 12,200 Credit 36,000 153,000 77,300 130,000 $ 2,800 10,600 28,700 210,000 156,400 $408,500 $408,500 During January 2021, the following transactions occur: January 1 January 4 January 10 January 15 January 30 January 31 Borrow $110,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $2,127 are required at the end of each month for 60 months. Receive $32,000 from customers on accounts receivable. Pay cash on accounts payable, $21,000. Pay cash for salaries, $29,900. Firework sales for the month total $200,000. Sales include $66,000 for cash and $134,600 on account. The cost of the units sold is $117,500. Pay the first monthly installment of $2,127 related to the $110,000 borrowed on January 1. Round your i interest calculation to the nearest dollar.