On April 1st, 2022, the Edmonton Manufacturing Company (EMC) negotiates a loan from the bank for $50,000 with a term of five years, bearing an interest rate of 10%. The loan will require a payment against the principal of $10,000 per year plus interest on March 31st. The EMC has a December 31 st year end and prepares adjusting entries and financial statements only once a year. Prepare the journal entry to record the cash receipt from the loan on April 1st, 2022. Prepare the adjusting entry on December 31 st, 2022. How much of the principal is paid on March 31st, 2023? What is the interest expense that should be recorded on March 31,2023 for the current year? What is the interest payable that should be debited on March 31,2023 for the current year