Sessions Athletic Gear borrowed $$600,000$ from its parent, PF Consolidated Inc., at an interest rate of $3\%.$ The loan was made on October $31,2022,$ with interest due semiannually on April $30$ and October $31$ of each year, and principal due in $2026.$ PF$$s accounting year ends on December $31.$ You are doing the consolidation working paper at December $31,2023.$ The loan is still outstanding, and Sessions has made interest payments as required.

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a$.$ What balances appear in the December $31,2023,$ trial balances of PF and Sessions with respect to this intercompany loan? What balances should appear on the consolidated financial statements?

Remember to use negative signs with your credit balance answers in the Dr $($Cr$)$ columns $($not in the Credit column$).$

Enter numerical answers using all zeros $($do not abbreviate answers to millions or thousands$).$ Intercompany Financing Transactions

Sessions Athletic Gear borrowed $\backslash (\backslash$$ $600,000\backslash )$ from its parent, PF Consolidated Inc., at an interest rate of $3\backslash \%.$ The loan was made on October $31,2022,$ with interest due semiannually on April $30$ and October $31$ of each year, and principal due in $2026.$ PF$\text{'}$s accounting year ends on December $31.$ You are doing the consolidation working paper at December $31,2023.$ The loan is still outstanding, and Sessions has made interest payments as required.

a$.$ What balances appear in the December $31,2023,$ trial balances of PF and Sessions with respect to this intercompany loan? What balances should appear on the consolidated financial statements?

$-$ Remember to use negative signs with your credit balance answers in the Dr $($Cr$)$ columns $($not in the Credit column$).$

$-$ Enter numerical answers using all zeros $($do not abbreviate answers to millions or thousands$).$