Current and Long-term Liabilities 1. Hemi's Accountant provides you with the following amortization schedule for the...

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Current and Long-term Liabilities 1. Hemi's Accountant provides you with the following amortization schedule for the Mortgage Payable of $150,000,000 to purchase the land and building (as mentioned in the Capital Assets section above): Opening balance at the beginning of the Interest Closing balance at the end of the Month month expense Payment September 2023 $150,000,000 $525,000 $1,532,976 month $148,992,024 October 2023 148,992,024 521,472 1,532,976 147,980,520 November 2023 147,980,520 517,932 December 2023 146,965,476 514,379 1,532,976 146,965,476 1,532,976 145,946,879 HEMI's Accountant asks you: a. What should be reported as the total Mortgage Payable on October 31, 2023, in the General Ledger before the adjustment in Part 1(d) below (1 mark)? b. What should be the mortgage interest expense on the Statement of Income for the year ended October 31, 2023 (1 mark)? c. Provide a journal entry to record the September 30, 2023, mortgage payment (3 marks). d. Provide October 31, 2023, adjusting journal entry to transfer $12,000,000 from Mortgage Payable to the Current Portion of Mortgage Payable account (2 marks). 2. On December 1, 2022, HEMI obtained a $10,000,000 five-year loan with annual equal principal repayments of $2,000,000 due November 30 of each year. Interest at 5% per year is payable annually with the principal repayment. HEMI has not paid any amounts on this loan in the October 31, 2023 fiscal year. HEMI's Accountant asks you: a. Provide October 31, 2023, adjusting journal entry to record interest owing on the loan (2 marks). a. How much of the loan principal ($10,000,000) is a long-term liability on the statement of financial position on October 31, 2023 (2 marks)? Current and Long-term Liabilities 1. Hemi's Accountant provides you with the following amortization schedule for the Mortgage Payable of $150,000,000 to purchase the land and building (as mentioned in the Capital Assets section above): Opening balance at the beginning of the Interest Closing balance at the end of the Month month expense Payment September 2023 $150,000,000 $525,000 $1,532,976 month $148,992,024 October 2023 148,992,024 521,472 1,532,976 147,980,520 November 2023 147,980,520 517,932 December 2023 146,965,476 514,379 1,532,976 146,965,476 1,532,976 145,946,879 HEMI's Accountant asks you: a. What should be reported as the total Mortgage Payable on October 31, 2023, in the General Ledger before the adjustment in Part 1(d) below (1 mark)? b. What should be the mortgage interest expense on the Statement of Income for the year ended October 31, 2023 (1 mark)? c. Provide a journal entry to record the September 30, 2023, mortgage payment (3 marks). d. Provide October 31, 2023, adjusting journal entry to transfer $12,000,000 from Mortgage Payable to the Current Portion of Mortgage Payable account (2 marks). 2. On December 1, 2022, HEMI obtained a $10,000,000 five-year loan with annual equal principal repayments of $2,000,000 due November 30 of each year. Interest at 5% per year is payable annually with the principal repayment. HEMI has not paid any amounts on this loan in the October 31, 2023 fiscal year. HEMI's Accountant asks you: a. Provide October 31, 2023, adjusting journal entry to record interest owing on the loan (2 marks). a. How much of the loan principal ($10,000,000) is a long-term liability on the statement of financial position on October 31, 2023 (2 marks)?