QUESTION 3 (35 minutes, 28 marks) PFQ Oil and Gas Ltd. has approached a venture capital group for financing for their most recent oil well. The lenders are willing to lend PFQ $1,200,000 in exchange for a note payable at a high risk interest rate of 9%. The note is payable over three years in blended payments of $232,654. Payments are made semi-annualy on November 30 and May 31. PFQ received the $1,200,000 on June 1, 2020. Their fiscal year end is December 31. REQUIRED a. Prepare an instalment payment schedule. b. Prepare the necessary journal entries for 2020 and 2021. C. What amounts would be reported as current and non-current in the liabilities section of the company's December 31, 2020 balance sheet? d. If the note had been repayable in fixed principal payments, rather than blended payments, prepare an instalment payment schedule and prepare the adjusting journal entry required at December 31, 2020