I need help organizing and putting the correct number in the right spot. ATTACHMENT PREVIEW Download attachment I-13.02Student.xls Rodriquez Oil and Gas borrowed $1,000,000 from a local bank to obtain funds needed for the construction of a new drilling rig. This "construction" loan was represented by a 2year, 7%, promissory note, dated April 1, 20X3. Interest (only) is payable on March 31, 20X4, and again at maturity. The $1,000,000 principal is due on March 31, 20X5. Rodriguez repaid the promissory note on March 31, 20X5, as agreed. On April 1, 20X5, Rodriguez secured permanent equipment financing via a $1,200,000, 5year loan. This loan was at 6% per annum, and requires level quarterly payments so that the loan will be completely repaid at its maturity. (a) Prepare journal entries for the $1,000,000 loan to record the loan’s issuance (April 1, 20X3); accrued interest at December 31, 20X3; the interest payment on March 31, 20X4; accrued interest at December 31, 20X4; and the final payment at maturity (March 31, 20X5). (b) Calculate the required quarterly payment for the 5-year loan. (c) Prepare journal entries to record the 5-year loan, and its first two quarterly payments. (d) Optional: Use an electronic spreadsheet to prepare a 20-quarter amortization schedule, showing how the loan will be fully amortized by its maturity. (a) GENERAL JOURNAL Date Accounts Debit Credit Accounts Debit Credit 1-Apr 20X3 31-Dec 20X3 31-Mar 20X4 31-Dec 20X4 31-Mar 20X5 (b) (c) GENERAL JOURNAL Date 1-Apr 20X5 30-Jun 20X5 30-Sep 20X5 (d) Perio d Beginning Balance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 ### ### Interest (Beginning Balance X 1.5%) Amount of Payment $ 18,000.00 $ 69,894.88 Principal Reduc tion (payment minus interest) $ 51,894.88 Ending Balance $ 1,148,105.12