Question: Task #1 - Loan: May 1,2024 - SOF received a bank loan of $90,000 from Conexus Credit Union. Jun 1, 2024 - SOF spent $100,000

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Task \#1 - Loan: May 1,2024 - SOF received a bank loan of $90,000 from Conexus Credit Union. Jun 1, 2024 - SOF spent $100,000 to purchase a forklift (POS) for a total cost of $100,000. The forklift will be used to move groceries throughout the store. The forklift will have a 10-year useful life. The interest rate on the loan from Conexus is 6.0% (compounded only on the loan principle outstanding). The loan is for 3 years and will be paid back evenly over 3 years As part of the financing SOF only needs to make the required loan payments each year c Apr 30. Each loan payment will be for $30,000 plus any interest owing. Required: Journal Entries: - Prepare the required journal entries for each of the following dates relating to bot the asset and the loan: > May 1,2024 > Jun 1,2024 >Dec31,2024 > Apr 30, 2025 >Dec31,2025 > Apr 30, 2026 >Dec31,2026 > Apr 30, 2027 You must show all supporting calculations. Financial Statements: - What will the NBV of the equipment be on the Dec 31,2031 statement of financial position

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