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  3. on the 30 june 2022. darwin ltd borrowed $300,000

On the 30 June 2022. Darwin Ltd borrowed $300,000 from NT bank. The interest on...

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Accounting

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On the 30 June 2022. Darwin Ltd borrowed $300,000 from NT bank. The interest on the loan will be 5% per annum, Darwin Lid will be required to pay the pay the bank $45,000 over the next year (this includes principal and interest). Required: (i) Prepare the journal entry for the loan on the 30 June 2022 (dates and narrations not required). [2 marks] (ii) When preparing the balance sheet for the 30 June 2022 , what amount of the loan will be classified as a current liability? [1 mark] (iii) When preparing the balance sheet for the 30 June 2022 , what amount of the loan will be classified as a noncurrent liability? [1 mark]

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