REVIEW PROBLEM 12-1 The following selected transactions and events of Oakland Ltd. were completed during the accounting year just ended, JI December 20X5. Interest rates reflect market rates unless indicated. Page 166 a. On June, the company borrowed $55,000 in cash from the bank on a demand basis. The interest rate was 6%, to be paid on the anniversary date of the loan. b. Merchandise was purchased on account; a $30,000. one year, 7% interest-bearing note, dated 1 April 20X5, was given to the supplier. Interest is paid when the amount is due on 1 April 20X6. c. Merchandise was purchased on account: a two-year. $16.000, 15 note dated 1 February 20Xs was given to the supplier. Interest is due annually on 1 February. The going interest rate for this term and risk was 7%. Use the gross method to record the note payable. d. A supplier delivered goods on account costing US$20.000. The exchange rate was USSI - Can50.98 at that time. e. Oakland has been sued by a customer for $500.000. The legal team confidently believes that there is an 80% chance that Oakland will successfully defend itself f. New legislative requirements came into force at the beginning of this year regarding environmental remediation Oakland believes it will have to pay $80.000 in eight years' time when the company vacates leased premises. The going interest rate fog this term and risk was 7% B. Payroll records showed the following. Amounts are unpaid: Employee Employee Gross Wages $120.000 Income Tax EI CPP Union Does $32.000 $6,100 $5.500 $2.500 h. The employer portion of El and CPP are recorded. i. Remittances were income tax, $31.350, EL, $10,250, CPP. 59.720, union dues. $1,450 J. Cash dividends declared but not yet paid were $22.500. k Accrue appropriate interest at 31 December, and adjust the foreign denominated payable to the yearend rate. USSI - Cdn50.96 Required: 1. Give the entry or entries for each of the above transactions and evegts, if needed. 2. Prepare a list (title and amount of the liabilities of Oakland at 31 December 20X5 PET