Ephemeral Faces Ltd., which has a May 31 year end, had the following transactions in May 2020 and June 2020:

2020

May 1 The company borrowed $40,000 from a bank on a four-year loan payable. The terms of the loan stipulate that Ephemeral must repay eight equal payments of principal every April 30 and October 31 plus the interest accrued to that date. The loan bears interest at 10% per annum.

2020

May 31 Recorded employee wages for May. The wages earned by employees amounted to $30,000, and the company withheld CPP of $1,485, EI of $490, and income taxes of $6,000. Ephemeral’s employer contributions were CPP of $1,485 and EI of $686.

May 31 Recorded the adjusting entry to record the interest incurred on the bank loan during May.

May 31 Recorded the entry to reclassify the current portion of the bank loan.

2020

June 5 Paid the wages recorded on May 31.

June 15 Made the remittances related to the May 31 payroll.

Required

Prepare all necessary journal entries related to the above transactions.