Question: Journal entry for 01/02/20X7 - C/A extract no. X7/002 DEF obtains a loan from the bank in order to finance a building it needs for

Journal entry for

01/02/20X7 - C/A extract no. X7/002 DEF obtains a loan from the bank in order to finance a building it needs for its business activities. The loan is for an amount of 300 000,00 EUR and relates to a 10-year period. Each year on January 31, 30 000,00 EUR of the loan needs to be settled. Interests are payable in arrear (each year on January 31) and the annual interest rate amounts to 4,5%.

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