Question 2 (13 marks, 23 minutes) Day Daycare Inc. has approached a bank for a loan to facilitate the expansion of its childcare facilities. On February 1, 2020 a loan for $45,000 loan was obtained at an interest rate of 6%. The loan is payable over three years in monthly blended principal and interest installments of $1,369 on the first day of the following month. The first payment is due March 1, 2020. The company's year-end is March 31. a) Prepare an installment payment schedule for the loan period up to May 1, 2020. Round all amounts to the nearest dollar. (4 marks) Marks Interest Expense Cash Payment Principal Repayment Principal Balance Feb 1, 2020 Mar 1, 2020 Apr 1, 2020 May 1, 2020 b) Record the journal entry for the first installment payment on March 1, 2020. (2.5 marks) Account Name Debit Credit Marks Date Mar 1, 2020 c) Record the adjusting journal entry for March 31, 2020 (year-end). (1.5 marks) Account Name Debit Credit Marks Date Mar 31, 2020 Question 2 (continued) d) Record the journal entry for the second installment payment on April 1, 2020. (2.5 marks) Account Name Debit Credit Marks Date Apr 1, 2020 e) Instead of blended monthly installment payments, assume the daycare was repaying the loan in fixed month principal payments of $1,250 plus interest. Prepare an installment payment schedule (including column titles) up to April 1, 2020. (2.5 marks) Interest Expense Marks Principal Repayment Principal Balance Cash Payment Feb 1, 2020 Mar 1, 2020 Apr 1, 2020