QUESTION 2 Described below are certain transactions of Tipper Transport Bhd for 2019: 1. On 10 May, the company purchased goods from Tommy Auto Bhd for RM50,000, terms 2/10, n/30. Purchases and accounts payable are recorded at net amounts. The invoice was paid on 18 May. 2. On 1 June, the company purchased equipment for RM60,000 from Safety First Bhd, paying RM20,000 in cash and giving a one-year, 9% note for the balance. 3. On 30 September, the company borrowed RM108,000, by signing a one-year zero-interest- bearing RM120,000 note at One Bank Bhd. REQUIRED : (a) Prepare the journal entries necessary to record the transactions above using appropriate dates. (b) Prepare the adjusting entries necessary at 31 December, 2019 in order to properly report interest expense related to the above transactions. Assume straight-line amortization. (c) Indicate the manner in which the above transactions should be reflected in the Current Liabilities section of Tipper Transport Bhd's 31 December, 2019 statement of financial position