(i). What are the effects on the balance sheet of the following transaction? Whatzis Ltd received $20 000 cash from a shareholder in return for $5000 in newly issued shares and promised to pay the shareholder the other $15 000 back at the end of three years. 

(ii). What is the journal entry to record the following transaction, in which Whatzis used the cash from the shareholder? The company bought a truck, which cost $89 000, by paying $20 000 in cash and financing (borrowing) the rest from the truck dealer’s finance company.