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please show all calculations including EI undefined Ephemeral Faces Ltd., which has a May 31 year end, had the following transactions in May 2020 and
please show all calculations including EI
undefined
Ephemeral Faces Ltd., which has a May 31 year end, had the following transactions in May 2020 and June 2020: 2020 May 1 May 31 The company borrowed $100,000 from a bank on a four-year loan payable. The terms of the loan stipulate that Ephemeral must repay eight equal payments of principal every April 30 and October 31 plus the interest accrued to that date. The loan bears interest at 9% per annum. Recorded employee wages for May. The wages earned by employees amounted to $30,500, and the company withheld CPP of $1,510, El of $497, and income taxes of $6,100. Ephemeral's employer contributions were CPP of $1,510 and El of $693. Recorded the adjusting entry to record the interest incurred on the bank loan during May. Recorded the entry to reclassify the current portion of the bank loan. May 31 May 31 2021 June 5 June 15 Paid the wages recorded on May 31. Made the remittances related to the May 31 payroll. Prepare all necessary journal entries related to the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry"for the account titles and enter Ofor the amounts.)Step by Step Solution
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