The bank loan was incurred when the business was started, on May $1,2020.$ The

bank issued a loan to Lisa in the amount of $$100,000,$ and carries an interest rate of

$8\%,$ to be paid on May $1$st of each year. The market rate of interest in effect when the

bank loan was issued was $9\mathrm{.}5\%.$ The loan is required to be paid in full on May $1,$

$2023.$ Lisa did not know how or what to do with it$,$ so she just left this year end

adjustment for you to complete for her. Lisa$$s accountant amortizes this loan using the

effective interest method.

Hint: you should create a loan amortization schedule! This is VERY similar to what we

did in notes receivable for ACCT$2001.$ The ONLY difference is that instead of interest

revenue and interest received, it is interest expense and interest payments!! The

unadjusted trial balance amount for the bank loan is a built$-$in check figure for you!$($need ammortizatiojn table please$)$