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At the beginning of the month, Santiago Ltd had the following three loans outstanding: Workings Area Monthly Balance owing at beginning of month $700,000 S550,000 $600,000 Annual interest rate nt $16,000 $12,000 32,000 Diaz Bank Holt Bank Hitchcock Bank 19% 17% 14% Required You should cell reference your $ value entries to the question data (or workings area if used). (a) Prepare journal entries to record the interest payments on each loan for the month. To record the loan payment to Diaz Bank $ value $ value Debit a/c #1 Debit a/c #2 $ value $ value Credit a/c #1 Credit a/c #2 You may not require 2 debits & 2 credits. To record the loan payment to Holt Bank Debit a/c #1 Debit a/c #2 $ value $ value $ value $ value Credit a/c #1 Credit a/c #2 You may not require 2 debits &2 credits. To record the loan payment to Hitchcock Bank $ value S value Debit a/c #1 Debit a/c #2 Credit a/c #1 $ value $ value You may not require 2 debits & 2 credits. Credit a/c #2 $ value (b) What was Santiago Ltd's interest expense for mortgages for the current month? (c) Assuming no new loans, will the interest expense for the next month be greater than, less than or the same as the current month's interest expense? Explain. Type your answer here