HIJ have purchased new equipment in order to increase the production. The cost of the equipment was AED1 500 000. On October 1st they financed the purchase with a 12% loan from NBD Bank. The loan will be paid off over five years. HIJ paid a cash deposit of AED550 000 and the agreement of the loan stipulates repayments will be AED21,132 monthly. The first payment is due on November 1st. Interest is calculated monthly. Required 1. Prepare a general journal entry to record the payment due on November 1st. 2. Calculate the outstanding principal after the first payment is made on 1 December. Paragraph BIEE