On October 1, 2019, Sway Inc. borrowed $80,000 from CIBC bank. The 15-month loan bears interest at 7%. Assuming adjusting entries are recorded annually and interest is collected at maturity, prepare the adjusting entries on December 31 for 2019 and 2020 for Sway Inc. and the repayment of the interest and the loan on January 1, 2021 2019 31-Dec Interest exponse Interest payable Dr Ct $1,400 $1,400 2020 31-Dec Interest expense Interest payable $5,600 $5,600 2021 01-Jan Bank loan payable Interest payable Cash 2019 31-Dec Interest expense Interest payable $80,000 $7,000 $87,000 Dr Cr $1,517 $1,517 $6,067 $6,067 2020 31-Dec Interest expense Interest payable :))