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When you arrived for your shift at Devonshire Phanmacy (DPI) after wrifing you BUS 285...

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When you arrived for your shift at Devonshire Phanmacy (DPI) after wrifing you BUS 285 Comprehensive Final Examination, Denise told you that the bank had approved her application for a loan to renovate the pharmacy. According to the loan agreement. DPI will borrow 5500.000 on July 1 and will be required to make BLENDED prineipal and interest payments of $5,062 per month with the first payment due July 31 . The loan is repayable over a ten year tenn and is subject fo interest at a rate of 4% per annum. Before you prepare any joumal entries. Denlise expects you to complete following the loan amortization schedule provided by the bank. You plan to grovide detailed supporting calculations and round all amounts to the nearest dollar. Finally, Denise has asked you to prepared the joumal cntry (in good form) necessary to record the loan payment due on July 31. only

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