Q3. Use the following information to answer Q3a and Q3b. On Jan 1, 2019 Ace Co. issued a $28,000, 4-year, zero-interest-bearing note to GE Ltd, for new equipment. Ace promised to pay the note off in 4 equal installments beginning Dec 31, 2019. The rate of interest for similar transactions was 10%. The appropriate factors for the time value of money at a 10% rate of interest are as follows. Future value of $1 for 4 periods 1.46 Future value of an ordinary annuity for 4 periods 4.64 Present value of $1 for 4 periods 0.68 Present value of an ordinary annuity for 4 periods 3.17 Q3a. Provide the journal entries required by Ace for the Jan 1, 2019 transaction (1% marks for wholly correct answer) No credit for answers submitted without plausible calculations Jan 1, 2019 Dr. Cr. Q3b. Provide the journal entries required by Ace for Dec 31, 2020. (1% marks for wholly correct answer] No credit for answers submitted without plausible calculations Dec 31, 2020 Dr. Cr