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Task #3: Draft a separate debt note for each of the finalist borrowing options, that could be included in WEL's December 31, 2020 financial statements, should that option be selected. Ensure you show all required disclosures.Washago Enterprises Ltd. ("WEL") is a private company that reports under ASPE. The company is financed by 7,400,000 common shares and $46 million in long term debt. WEL is planning to expand its production operations to Western Canada by purchasing an existing facility in Edmonton, then embarking on a major upgrade of it. The total cost of the expansion is estimated to be $40 million. WEL's management team is looking for funding that will serve two purposes: To finance the company's expansion of production into western Canada; and To refinance a bond that was issued several years ago under unfavourable conditions. At the time, WEL's financial condition was much weaker. The lenders were able to demand a significantly higher interest rate than WEL is able to negotiate today. The only concession WEL was able to retain was a partial buyback provision that comes into force on November 1, 2020. Management has been talking to various lenders and has settled on two "finalists". 1. A Bank of Northern Ontario loan facility (see Appendix 1 for the term sheet agreed with the bank) 2. A new private bond issue (see Appendix 2 for a draft of the bond agreement). Despite the interest rate proposed in the draft debenture agreement, the expected yield on the bond will be 7.2%. WEL's discussions with the private lending group initially focused on a "plain vanilla" bond. However, the interest rate that the lending group was demanding, 8.7%, was rejected as a non-starter by WEL management. In order to make the final decision on which of the two finalist borrowings would be more suitable for WEL, you have been asked to do complete several tasks. The CFO has directed you to assume that the decision will be made in time to execute one or the other of the lending facilities by November 1, 2020, and the full amount of each facility would be drawn down on that date. WEL has a December 31 year end