Question 5 (5 points) Highland Inc. began its operations on January 1, 2020. The following information is available for Highland for the year ended December 31, 2020: a) Highland paid ABC Contractors $30,000 on October 31, 2020 for maintenance services for the period beginning on November 1, 2020 and ending on March 31, 2021. Highland debited Maintenance Expense to record this payment. b) On September 1, 2020, Highland borrowed $200,000 from a local bank. The note requires principal and interest at 8% to be paid on June 1, 2021. Prepare the appropriate adjusting journal entries (if any is needed) for (a) and (b) above and note whether Highland would reverse either (a) or (b).