Primey Ltd borrows $500,000 from the GRBC Bank on the 1st July 20X1. The loan is secured by a mortgage over real estate. The term of the loan is three years with 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 the 31st December 20X1. These instalments are each $92,299 (to the nearest dollar). Required: a) A partially complete loan repayment schedule for the entire loan is provided below. Complete the schedule by inserting the correct numbers in the eight (8) vacant cells. Round numbers to the nearest whole dollar. 3 marks Instalment Date Opening Loan Balance $ Instalment Paid Interest Component $ Principal Reduction $ Closing Loan Balance $ $ 31/12/X1 500,000 92,299 15,000 77,299 422,701 30/6/X2 422,701 92,299 12,681 79,618 343,083 31/12/X2 343,083 92,299 10,292 261,076 30/6/X3 261,076 92,299 84,467 176,609 31/12/X3 176,609 92,299 30/6/X4 92,296" 0 * = last payment amount reflects prior roundings. b) Prepare the general journal entry for the receipt of the loan. Narration not required. 1 mark Date DR CR c) Prepare the general journal entry for the loan instalment paid on the 30/6/20X2. Narration not required. 2 marks Date DR CR