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I need the solution for both problems 4. (5 points) On November 1, 2019, Y borrowed $8,000,000 at 3%. Y will pay interest every 6
I need the solution for both problems 4. (5 points) On November 1, 2019, Y borrowed $8,000,000 at 3%. Y will pay interest every 6 months with interest payments every May 1 and November 1. Y will repay $4,000,000 of the principal on May 1, 2020 and the remainder on November 1, 2020. Assume Y only makes AJEs every December 31 AND does NOT make reversing entries. Prepare the entries Y should make on: a. November 1, 2019 b. December 31, 2019 c. May 1, 2020 d. November 1, 2020 e. December 31, 2020 5. (4 points) Presented below are selected account balances for C Company as of 12-31-xx: Accounts payable $ 175,000 Unearned revenues $ 100,000 Retained earnings $4,325,000 Sales revenues $3,100,000 Gain on the sale of a stock investment $ 40,000 Loss on the sale of a bond investment $ 10,000 Cost of goods sold $1,100,000 Selling and administrative expenses $ 600,000 Interest expense $ 30,000 Income tax expense $ 310,000 a. Prepare the entry (ONE ENTRY) C should make to close out the temporary accounts. Do NOT use an income summary" account - close the temporary accounts directly into retained earnings. b. What is C's retained earnings balance AFTER making the closing entry
I need the solution for both problems
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