HU have purchased new equipment in order to increase the production. The cost of the equipment was $4, 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 $1,650 000 and the agreement of the loan stipulates repayments will be 63396 monthly. The first payment is due on November 1. Assume interest is calculated monthly. Required A. Prepare a general journal entry to record the payment due on November 1 B Calculate the outstanding principal after the first payment is made on 1 December