On 31 December 2022, Downbeat Ltd paid annual interest of $12000 on a loan to Natural Bank Ltd to purchase a delivery vehicle. Required: a. Identify if an asset, liability, revenue or expense should be recognized in the year ending December 2022 . In no more than 100 words justify your answer. (3 marks) b. Prepare the journal entry to record the transaction. Ignore GST (1 Mark) (Narrations in the general journals are not required. Both account names and figures should be correct in order to award marks. Type your response directly in the text box below.)