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Joni Corporation borrows $500,000 from Friendly Bank on Feb. 1, 20x8. The principal will not be repaid until the end of 6 years, but interest

Joni Corporation borrows $500,000 from Friendly Bank on Feb. 1, 20x8. The principal will not be repaid until the end of 6 years, but interest payments are due every Feb. 1. The interest rate is 3% annually.

Record the entry necessary for each of the following--

a. The signing of the loan

b. interest accrual on 12/31/x8

c. payment of interest on 2/1/x9

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