Part C

Current Attempt in Progress

Starlight Graphics Ltd. signed a 10-year, 5.50%, $900,000 mortgage on June 30, 2021, to help finance a new research laboratory. The mortgage terms provide for semi-annual payments of $59,105. Payments are due on December 31 and June 30. The companys year end is June 30.

(a)

Correct answer iconYour answer is correct.

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

Semi-annual Interest Period		Cash Payment		Interest Expense		Reduction of Principal		Principal Balance
June 30, 2021								$
Dec. 31, 2021		$		$		$
June 30, 2022
Dec. 31, 2022
June 30, 2023

eTextbook and Media

List of Accounts

Attempts: 2 of 3 used

(b)

Correct answer iconYour answer is correct.

Record the receipt of the mortgage loan on June 30, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

Date	Account Titles and Explanation	Debit	Credit
June 30

eTextbook and Media

List of Accounts

Attempts: 1 of 3 used

(c)

Record the first two instalment payments, on December 31, 2021, and June 30, 2022 (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31
June 30