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On February 1, 2020, Baby Goats Unlimited took out a loan from Local City Bank for $300,000. It was a 2-year note at 5% interest, payable in 24 months with no payments due until then. Immediately, Baby Goats Unlimited transferred $150,000 of it to LivestockGen, a company that sells high tech goat breeding equipment. This represented a 50% down payment on an agreed-upon $300k total contract to buy technology equipment. The remainder was put in a money market fund earning 1.2% interest until October 1, 2020, when the final payment was due to LivestockGen. On Oct 1 the remaining money was transferred from Baby Goats Unlimited to LivestockGen.
Problem 1: Prepare journal entries for the transactions described above.
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