Ephemeral Faces Ltd, which has a May 31 year and had the following transactions in May 2020 and June 2020: 2020 May 1 May 31 The company borrowed $40,000 from a bank on a four-year loan payable. The terms of the loan stipulate that Ephemeral must repay eight equal payments of principalavery April 30 and October 31 plus the interest accrued to that date. The loan bears interest at 9% per annum. Recorded employee wages for May. The wages earned by employees amounted to $23,000, and the company withheld CPP of $1,634. El of $538, and income taxes of $6,600. Ephemeral's employer contributions were CPP of $1,634 and El of $734 Recorded the adjusting entry to record the interest incurred on the bank loan during May. Recorded the entry to reclassify the current portion of the bank loan. May 31 May 31 2021 June 5 June 15 Paid the wages recorded on May 31 Made the remittances related to the May 31 payroll. Prepare all necessary journal entries related to the above transactions. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Date 2020 Credit To record wages payable) (To record employer's liabilities) To record interest (To reclassify the current portion of the loan) 2021 June 15