10 13A Problem 10 13A Grace Herron has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill On July 1, 2013, Grace was loaned $158,000at an annual interest rate of8 The loan is repayable over5years in annual installments of $39,572, principal and interest, due each June 30 The first payment is due June 30, 2014 Grace uses the effective interest method for amortizing debt Her ski hill companys year end will be June 30 Warning Don't show me this message again for the assignment Ok Cancel Prepare an amortization schedule for the 5 years, 20132018 (Round answers to 0 decimal places, e g 125 ) Period Cash Payment Interest Expense Principal Reduction Balance July 1, 2013 $ $ $ $ June 30, 2014 June 30, 2015 June 30, 2016 June 30, 2017 June 30, 2018 Amount may be off due to rounding Warning Don't show me this message again for the assignment Ok Cancel Show List of Accounts Link to Text Prepare all journal entries for Grace Herron for the first 2 fiscal years ended June 30, 2014, and June 30, 2015 (Round answers to 0 decimal places, e g 125 Credit account titles are automatically indented when amount is entered Do not indent manually ) Date Account Titles and Explanation Debit Credit July 1 13 June 30 14 June 30 15 Warning Don't show me this message again for the assignment Ok Cancel Show List of Accounts Link to Text Show the balance sheet presentation of the note payable as of June 30, 2015 (Hint Be sure to distinguish between the current and long term portions of the note ) (Round answers to 0 decimal places, e g 125 ) GRACE HERRON Balance Sheet (Partial) June 30, 2015 Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity $ Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong term InvestmentsLong term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long term InvestmentsTotal Long term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity $ Warning Don't show me this message again for the assignment Ok Cancel Show List of Accounts Link to Text Link to Text Question Attempts 0 of 3 used Save for later Submit Answer Copyright 2000 2016 by John Wiley Sons, Inc or related companies All rights reserved Tooltip JS control id intjsTooltip 1 Warning Your instructor has reset your attempts for this question The question will reload in the original state Click Continue to proceed with the question CONTINUE img height 1 width 1 alt src googleads g doubleclick net pagead viewthroughconversion 944609404 value 0 guid ON script 0 div gt

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Question: 10-13A Problem 10-13A Grace Herron has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill.

10-13A

Problem 10-13A Grace Herron has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2013, Grace was loaned $158,000at an annual interest rate of8%. The loan is repayable over5years in annual installments of $39,572, principal and interest, due each June 30. The first payment is due June 30, 2014. Grace uses the effective-interest method for amortizing debt. Her ski hill companys year-end will be June 30.

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Prepare an amortization schedule for the 5 years, 20132018. (Round answers to 0 decimal places, e.g. 125.)

Period	Cash Payment	Interest Expense	Principal Reduction	Balance
July 1, 2013	$	$	$	$
June 30, 2014
June 30, 2015
June 30, 2016
June 30, 2017
June 30, 2018					*

* Amount may be off due to rounding.

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Prepare all journal entries for Grace Herron for the first 2 fiscal years ended June 30, 2014, and June 30, 2015. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
July 1/13

June 30/14


June 30/15

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Show the balance sheet presentation of the note payable as of June 30, 2015. (Hint: Be sure to distinguish between the current and long-term portions of the note.) (Round answers to 0 decimal places, e.g. 125.)

GRACE HERRON Balance Sheet (Partial) June 30, 2015
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
	$
Current AssetsCurrent LiabilitiesExpensesIntangible AssetsLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentRevenuesStockholders' EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal ExpensesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders' EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal RevenuesTotal Stockholders' Equity
	$

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