Question 4 (8 Marks) On January 1, 2020, Kohl Company loaned some money to Hemingway Inc. and accepted Hemingway's 2-year, $60,000, zero-interest-bearing note. The implied interest rate is 10%. Both companies have a December 31 year-end. Required 1. Calculate the amount loaned by Kohl to Hemingway on January 1, 2020. (2 marks) 2. Prepare Kohl's journal entries for the initial transaction, recognition of interest each year, and the collection of $60,000 at maturity. Kohl Company follows IFRS. (6 marks)