Part A 6 marks Cousins Ltd borrows $500,000 from the Bell Bank on 1 July 20X1. The loan is secured by a mortgage over real estate. The term of the loan is three years with a fixed compound interest of 6% per annum. The loan is repaid in 6 monthly instalments of interest and principal with the first instalment occurring on 31st December 20X1. These instalments are each $92,299 (to the nearest dollar). Required: (a) A partially completed loan repayment schedule for the entire loan is provided below. Complete the schedule by inserting the correct numbers in the eight (8) vacant shaded cells. Round numbers to the nearest whole dollar. 3 marks Instalment Interest Opening Loan Instalment Principal Closing Loan Balance Paid Date Component Reduction Balance Se $e Se Se Se 31/12/X1 500,000 92,299 15,000 77.2994 422,701e 30/06/X24 422,701e 92,299 12,6812 79,618 343,0832 31/12/X24 343,083 92,299 10,292 261,076 30/06/X34 261,076 92,299 E- 84.4672 176,609 31/12/X34 176,609 92,299 E E- E 30/06/X44 92,296*- E 02 * = last payment amount reflects prior roundings. CI (b) Prepare the general journal entry for the receipt of the loan. Narrations are not required. 1 mark Date Accounts DR. CR - E E- E (c) Prepare the general journal entry for the loan instalment paid on 30/6/20X2. Narrations are not required. 2 marks Date- Accounts DR CR E 6 E- E- 67 titit El E E