On September $1,2020,$ Vicovaro SpA borrows $450,000$ from Unidebit Bank, to be repaid one year later, on August $31,2021,$ plus $7\%$ interest. Journalize all the entries related to the loan, from the date in which it is incurred to its repayment, including all the adjusting and closing entries at the end of $2020.$ The entries should be presented first by applying present value accounting, and then using future value accounting. Determine the present value of the loan at December $31,2020,$ and the interest expense related to the loan for $2020$ and $2021,$ under both present and future value accounting.