Problem 10-13A Hetty Grey has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2016, Hetty was loaned $225,000 at an annual interest rate of 7%. The loan is repayable over 5 years in annual installments of $54,875, principal and interest, due each June 30. The first payment is due June 30, 2017. Hetty uses the effective-interest method for amortizing debt. Her ski hill company's year-end will be lune 30. Your answer is correct. Prepare an amortization schedule for the 5 years, 2016-2021. (Round answers to 0 decimal places, e.g. 125.) Cash Payment Interest Expense Principal Reduction Period Balancc uly 1, 2016 s 225000 June 30, 2017 June 30, 2018 June 30, 2019 June 30, 2020 June 30, 2021 54875 15750 39125 185875 54875 13011 41864 144011 54875 10081 44794 99217 54875 6945 17930 S1287 54875 3590 51285 Total 274375 49377 224998 Amount may be off due to rounding. Your answer is partially correct. Try again. Prepare all journal entries for Hetty Grey for the first 2 fiscal years ended June 30, 2017, and June 30, 2018. (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 2016 Cash 225000 Depreciation Expense 225000 June 2017 Interest Expense 39125 15750 Cash 54875 June 2018 Depreciation Expense 1864 Interest Expense 13011 Cash 54875 Kimmel, Financial Accounting, 8e FINANCIAL ACCOUNTING (BUA 201) CALCULATOR STANDARD VILW PRINTER VERSION BACK NEXT LINK TO TEXT LINK TO TEXT Show the balance sheet presentation of the note payable as of June 30, 2018. (Hint: Be sure to distinguish between the current and long-term portions of the note.) (Round answers to o decimal places, e.g. 125.) HEITY GREY Balance Sheet (Partial) June 30, 2018 Long-term Liabilities Current Assets Click if you would like to Show Work for this question: Open Show Work Problem 10-13A Hetty Grey has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2016, Hetty was loaned $225,000 at an annual interest rate of 7%. The loan is repayable over 5 years in annual installments of $54,875, principal and interest, due each June 30. The first payment is due June 30, 2017. Hetty uses the effective-interest method for amortizing debt. Her ski hill company's year-end will be lune 30. Your answer is correct. Prepare an amortization schedule for the 5 years, 2016-2021. (Round answers to 0 decimal places, e.g. 125.) Cash Payment Interest Expense Principal Reduction Period Balancc uly 1, 2016 s 225000 June 30, 2017 June 30, 2018 June 30, 2019 June 30, 2020 June 30, 2021 54875 15750 39125 185875 54875 13011 41864 144011 54875 10081 44794 99217 54875 6945 17930 S1287 54875 3590 51285 Total 274375 49377 224998 Amount may be off due to rounding. Your answer is partially correct. Try again. Prepare all journal entries for Hetty Grey for the first 2 fiscal years ended June 30, 2017, and June 30, 2018. (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 2016 Cash 225000 Depreciation Expense 225000 June 2017 Interest Expense 39125 15750 Cash 54875 June 2018 Depreciation Expense 1864 Interest Expense 13011 Cash 54875 Kimmel, Financial Accounting, 8e FINANCIAL ACCOUNTING (BUA 201) CALCULATOR STANDARD VILW PRINTER VERSION BACK NEXT LINK TO TEXT LINK TO TEXT Show the balance sheet presentation of the note payable as of June 30, 2018. (Hint: Be sure to distinguish between the current and long-term portions of the note.) (Round answers to o decimal places, e.g. 125.) HEITY GREY Balance Sheet (Partial) June 30, 2018 Long-term Liabilities Current Assets Click if you would like to Show Work for this question: Open Show Work