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On January 1, 20X5, Juan Silvia borrowed $500,000 to purchase a new office building. The...

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Accounting

On January 1, 20X5, Juan Silvia borrowed $500,000 to purchase a new office building. The loan is to be repaid in 2 equal annual payments, beginning December 31, 20X5. The annual interest rate on the loan is 9%.

Prepare the appropriate journal entries to record the loan and subsequent payments at the end of 20X5 and 20X6.

Please label Credits and Debits and show all work.

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