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On June 1, 2021, Apple Ltd. loaned money to Orange Corp. Apple Ltd. accepted an...

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Accounting

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On June 1, 2021, Apple Ltd. loaned money to Orange Corp. Apple Ltd. accepted an interest-bearing note from Orange Corp. Interest is payable upon maturity of the note. Assume that Apple Ltd. has a year end of December 31, 2021. Other information pertaining to the loan follows: $ Loan amount Term of the loan in months Annual interest rate 514,000 8 7% Required: Prepare all journal entries for Apple Ltd. with respect to the loan to Orange Corp., assuming that Apple Ltd. only records adjusting entries at year end

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