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Ford Motor Company borrowed $500,000 from a bank on July 1, 2023. The loan is for 5 years at an annual interest rate of 6%,

Ford Motor Company borrowed $500,000 from a bank on July 1, 2023. The loan is for 5 years at an annual interest rate of 6%, with interest payable annually. Prepare the journal entries for the loan on July 1, 2023, and the first interest payment on June 30, 2024. Additionally, show the presentation of this loan on the balance sheet as of December 31, 2023.

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