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Question 6 (6 marks) The Friendly City Company took out a 5 year, 10% loan of $120,000 on September 1, 2019. Their yearend is December

Question 6 (6 marks) The Friendly City Company took out a 5 year, 10% loan of $120,000 on September 1, 2019. Their yearend is December 31. NOTE: You may use your financial calculator of the present value annuity factor is 3.7908. REQUIRED: Journalize the accrual on December 31 and the 1st payment on Aug 31, 2020

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