Parker & Washington, Inc. borrows $150,000 on January 1, 2021. They must pay back the loan, with 8% interest, on January 1, 2022. P&W closes its books to prepare financial reports quarterly on March 31, June 30, September 30, and December 31.

Prepare the journal entry for the borrowing on January 1, 2021. Debit: Credit:

Prepare the adjusting journal entry for March 31, 2021. Debit: Credit:

Assuming that appropriate adjusting journal entries were made on June 30, 2021, and Sept. 30, 2021, prepare the adjusting journal entry for December 31, 2021. Debit: Credit:

Prepare the journal entry for loan and interest payment on January 1, 2022. Debit: Debit: Credit:

How much total interest expense did Parker & Washington recognize in calendar year 2021? $