6. (8 marks) Dr. Crane started Bio Tech Inc (BTI). on November 1, 2016. On November 1, 2016, Bio Tech Inc. issued 100,000 common shares to Dr. Crane in exchange for $100,000 in cash. Also, the following events occurred between November 1, 2016 and December 31, 2016 a) On December 1, 2016, BTI borrowed $500,000, 5-year loan, and 5% interest- bearing. Also, principal repayments of $100,000 are required on the anniversary date of the loan. b) On December 4, 2016, BTI received from DNA Inc. a S150,000 cash deposit against a contract for services to be performed by BTI for DNA Inc. in 2017. c) On December 10, 2016, BTI issued 5000 preferred Class A shares to investors for $100. The articles of incorporation (charter) authorizes BTI to issue 20,000 8%. $100 stated value Class A, non-cumulative preferred shares. d) On December 28, 2016, BTI declared and paid a 5% stock dividend on the common shares and the market value of the common shares at the time was S100 per share. Required: Please prepare the necessary journal entries for the transactions above as well as date Decmber 3t. 3014 6. (8 marks) Dr. Crane started Bio Tech Inc (BTI). on November 1, 2016. On November 1, 2016, Bio Tech Inc. issued 100,000 common shares to Dr. Crane in exchange for $100,000 in cash. Also, the following events occurred between November 1, 2016 and December 31, 2016 a) On December 1, 2016, BTI borrowed $500,000, 5-year loan, and 5% interest- bearing. Also, principal repayments of $100,000 are required on the anniversary date of the loan. b) On December 4, 2016, BTI received from DNA Inc. a S150,000 cash deposit against a contract for services to be performed by BTI for DNA Inc. in 2017. c) On December 10, 2016, BTI issued 5000 preferred Class A shares to investors for $100. The articles of incorporation (charter) authorizes BTI to issue 20,000 8%. $100 stated value Class A, non-cumulative preferred shares. d) On December 28, 2016, BTI declared and paid a 5% stock dividend on the common shares and the market value of the common shares at the time was S100 per share. Required: Please prepare the necessary journal entries for the transactions above as well as date Decmber 3t. 3014