f. Trade a vehicle On December 31, 2020 (after depreciation was recorded); the company traded the Toro lawn mower which was acquired on February 1, 2018 (asset #2018-02) for a 2012 Ford F150. In addition to the trade, the company paid $6,000 cash for the new truck. The fair value of the Toro lawn mower on this date was $18,000. Assume that this transaction HAS commercial substance. Once this new asset is purchased, do not depreciate it since it was purchased on the last day of the year. In the excel spreadsheet, see the tab "Fixed Asset Details to perform any necessary calculations; and update the schedule as needed. g. Investments -FV-OCI On December 31, 2020, the fair value per share of Hub Cap Company was $11.25 per share. Aylmer decided to sell its shares in Hub Cap Company at that time (sale was not recorded on the trial balance). Hint: after you record the sale, be sure to close the gain or loss on sale to retained earnings similar to how the sale was accounted for in TR11-7 in class. h. Bank Loan The loan for $8,000,000 was borrowed at January 1, 2020. Interest on the bank loan is 2.75% annually. Interest has to be paid every January 2, so the first interest payment is due January 2, 2021. No principal payments were made during the year. Of the bank loan, $2,000,000 is due June 30, 2021 with the remainder due June 30, 2026. Acquisition Date Useful Life (Yrs) Accumulated Depreciation to 12/31/19 Depreciation Expense 2020 Accumulated Depreciation to 12/31/20 Adjustments to 12/31/20 Cost NBV 05/31/19 09/01/18 09/01/18 200,000.00 400,000.00 40,000.00 640,000.00 40 137,000.00 09/01/18 05/01/20 40 4,110,000.00 2,190,000.00 6,300,000.00 137,000.00 4 10 4 6 02/01/18 B 09/01/18 03/01/19 05/31/19 07/31/19 08/01/20 12/01/20 12/31/20 59,850.00 94,200.00 77,200.00 37,500.00 441,000.00 50,730.00 24,600.00 28,678.13 12,560.00 16,083.33 3,645.83 30,625.00 6 10 10 10 785,080.00 91,592.29 $ 7,725,080.00 $ 228,592.29 REQUIRED: 1. See the excel spreadsheet - all information should be recorded using the excel template. Update tabs in excel as needed - SHOW ALL WORK. 2. Prepare journal entries for the above transactions. 3. Post transactions to the worksheet and complete the worksheet