Hussein Hage has just approached a venture capitalist for financing for his new restaurant, Bistro Sally. The lender is willing to loan Bistro Sally Inc. $96,000 at a high-risk interest rate of 9%. The loan is payable over three years in fixed principal payments each quarter of $8,000, plus interest. Hussein signed a note payable and received the loan on April 30, 2018. He made the first payment on July 31. The companys year end is October 31.

Prepare an instalment payment schedule for the three years. (Round answers to the nearest whole dollar, e.g. 5,275.)

Period Cash Payment Interest Expense Principal Reduction Balance

Apr. 30, 2018 $

July 31, 2018 $ $ $

Oct. 31, 2018

Jan. 31, 2019

Apr. 30, 2019

July 31, 2019

Oct. 31, 2019

Jan. 31, 2020

Apr. 30, 2020

July 31, 2020

Oct. 31, 2020

Jan. 31, 2021

April 30 2021

Total $

b) Record the receipt of the loan on April 30

c) Record the first two instalment payments, on July 31 and October 31.

d)Show the statement of financial position presentation of the note payable at October 31, 2018