Question 9 Flung Group Corporation Inc operates with a June 30 year end. During 2020, the following transactions took place: a. January 1: Signed a one-year, 10% loan for $35,000. Interest and principal are to be paid at maturity on December 31. b. January 10: Signed a line of credit with the Local Bank of Royal Commerce to establish a $560,000 line of credit. The line of credit bears interest at 9%. c. March 1: Borrowed $210,000 on the line of credit. d. June 1: Repaid $140,000 on the line of credit plus all accrued interest. e. June 30: Made all necessary adjusting entries. f. August 1: Repaid a $12,000 non-interest bearing note. g. September 1: Borrowed $280,000 on the line of credit h. November 1: Issued a three month, 8%, $16,800 note in payment of an overdue account. i. December 31: Repaid the one-year loan taken out on January 1. Required: 1. Prepare all journal entries necessary to report these transactions and any required year end adjusting entries. 2. As of June 30, prepare the liability section of the statement of financial position