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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 $173,000at an annual interest rate of5%. The loan is repayable over5years in annual installments of $39,959, 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 company?s year-end will be June 30.

Prepare an amortization schedule for the 5 years, 2013?2018. (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

	$

$

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