Question 1 Latvia Limited made a loan to Lithuania Incorporated in exchange for a $250,000 note on July 1, 2021. This note is for a period of seven years, with interest at 4% quarterly. Assume the market rate for comparable loans is 8%. Prepare the journal entry in good form for Latvia Limited's books. Show all your calculations (including amounts for variables, e.g. N = X, 1 = Y, etc.). (9 marks)