Task #1-Loan: On May 1, 2018 Costco purchased 6 new forklifts at a cost of $240,000. The forklifts will be used to move product around the warehouse. To make the purchase Costco made a down payment of $40,000 and then financed the remaining $200,000 through the Royal Bank of Canada. The forklift(s) will have a 10-year useful life. The interest rate on the loan is 8% (compounded only on the loan principle outstanding). The loan is for 4 years and will be paid back evenly over 4 years. As part of the financing Costco only needs to make the required loan payments each year on Apr 30. Each loan payment will be for S50,000 plus any interest owing Hint Each Apr 30h a portion of loan principle and all interest owing "to date" are paid to the bank. Required: 1) Journal Entries: .Prepare the required journal entries for each of the following dates relating to both the asset (purchase and expensing depreciation) and the loan: May 1, 2018 Dec 31, 2018 Apr 30, 2019 Dec 31, 2019 Apr 30, 2020 Dec 31, 2020 Apr 30, 2021 Dec 31, 2021 Apr 30, 2022 Dec 31, 2022 You must show all supporting calculations 2) What will the NBV of the equipment be on the Dec 31, 2022 statement of financial position? Task #1-Loan: On May 1, 2018 Costco purchased 6 new forklifts at a cost of $240,000. The forklifts will be used to move product around the warehouse. To make the purchase Costco made a down payment of $40,000 and then financed the remaining $200,000 through the Royal Bank of Canada. The forklift(s) will have a 10-year useful life. The interest rate on the loan is 8% (compounded only on the loan principle outstanding). The loan is for 4 years and will be paid back evenly over 4 years. As part of the financing Costco only needs to make the required loan payments each year on Apr 30. Each loan payment will be for S50,000 plus any interest owing Hint Each Apr 30h a portion of loan principle and all interest owing "to date" are paid to the bank. Required: 1) Journal Entries: .Prepare the required journal entries for each of the following dates relating to both the asset (purchase and expensing depreciation) and the loan: May 1, 2018 Dec 31, 2018 Apr 30, 2019 Dec 31, 2019 Apr 30, 2020 Dec 31, 2020 Apr 30, 2021 Dec 31, 2021 Apr 30, 2022 Dec 31, 2022 You must show all supporting calculations 2) What will the NBV of the equipment be on the Dec 31, 2022 statement of financial position