i. Notes Payable This is a short-term note. The company borrowed money from JRT Investments on October 31, 2020 for 3 months. The principle, along with interest is to be repaid on January 31, 2021. The interest rate is 1.5%. j. Long-term contracts The company uses the percentage of completion method for recording long-term contracts. The company has two long-term contracts with details below provided for one of the projects. Project 1- Downtown Hotel & Shopping Centre Contract price is $20,000,000. Expected completion date is in 2022 In the excel spreadsheet, see the tab "Revenue Recognition" to perform any necessary calculations related to the revenue earned on this project. The other project has already been accounted for properly and the accounting for Project 1's outstanding billings is already reflected in the unadjusted trial balance. k. Accrue wages Employees work Monday to Friday and employees are paid weekly. December 31, 2020 is a Thursday. Assume that hourly employees work 8 hours per day and that there are 52 weeks a year for salaried employees. In the excel spreadsheet, see the tab "Payroll Details" to perform any necessary calculations. 3 Title Wage 4 5 President 6 Controller 7 Sales 8 Sales $ 250,000.00 annually $170,000.00 annually $ 150,000.00 annually $ 150,000.00 annually 9 Supervisor 10 Supervisor 11 Accountant $130,000.00 annually $130,000.00 annually $ 80,000.00 annually 12 | Labourer $ 43.00 hourly 13 | Labourer $ 43.00 hourly 4 Labourer $ 43.00 hourly 15 | Labourer $ 43.00 hourly 16 17 Project #1 - Downtown Hotel & Shopping Centre Contract Price $ 20,000,000 Costs incurred in 2020 $ 4,121,880 Estimated total costs to complete $ 14,721,000 includes costs incurred in 2020 Other project information Progress Billings: , 31-May 1,150,000 31-Aug 1,350,000 , 30-Nov 1,500,000 B Collections 01-Jul 1,150,000 5 09-Sep 1,340,000 5 7 3 REQUIRED: 1. See the excel spreadsheet - all information should be recorded using the excel template. Update tabs in excel as needed - SHOW ALL WORK. 2. Prepare journal entries for the above transactions. 3. Post transactions to the worksheet and complete the worksheet