Question: Stacy Button has just approached a venture capitalist for financing for her new business venture, Skidium Corporation, the development of a local ski hill. On

 Stacy Button has just approached a venture capitalist for financing forher new business venture, Skidium Corporation, the development of a local ski

Stacy Button has just approached a venture capitalist for financing for her new business venture, Skidium Corporation, the development of a local ski hill. On July 1, 2018, Stacy borrowed $134,000 by signing a mortgage payable at an annual interest rate of 9%. The mortgage is repayable over 5 years in annual instalments, due each June 30. The first payment is due June 30,2019 and the ski hill company's year-end will also be June 30. Prepare an amortization schedule for the 5 year term of the mortgage, assuming the payment is a blended principal and interest payment of $34,450. (Round answers to the nearest whole dolior, eg. 5.275.) Cash Payment Interest Expense Reduction of Principal Principal Balance S $ $ Annual Interest Period July 1, 2018 June 30, 2019 $ June 30, 2020 June 30, 2021 June 30, 2022 June 30, 2023 Total List of Accounts Prepare all journal entries for Skidium for the first two fiscal years ended June 30, 2019, and June 30, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to the nearest whole dollar, eg. 5,275.) Debit Credit Date Account Titles and Explanation July 1, 2018 June 30, 2019 June 30, 2020 List of Accounts Show the statement of financial position presentation of the mortgage payable as of June 30, 2020. (Hint: Be sure to distinguish between the current and non-current portions of the mortgage. (Round answers to the nearest whole dollar, eg. 5,275.) SKIDIUM CORPORATION Statement of Financial Position (Partial) June 30, 2020 Current Liabilities S Non-Current Liabilities

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!