Interest on the bank loan is 2.75% annually.Interest has to be paid on January 7, 2021; for 2020.The entire amount of the loan ($4,000,000) was outstanding during the entire year.No payments were made during the year.Of the bank loan, $1,000,000 is due June 30, 2021 with the remainder due June 30, 2026.

Complete a transactions for Dec 31, 2020