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

her new business venture, Sunland Corporation, the development of a local ski

hill. On July 1, 2022, Stacy borrowed $114,000 by signing a mortgage

payable at an annual interest rate of 7%. The mortgage is repayable

over 5 years in annual instalments, due each June 30. The first

payment is due June 30, 2023 Sunland's year-end. Prepare all journal entries

for Sunland for the first two fiscal years ended June 30, 2023,

Sunland borrowed has just approached a venture capitalist for financing for her new business venture, Sunland Corporation, the development of a local ski hill. On July 1, 2022, Stacy borrowed $114,000 by signing a mortgage payable at an annual interest rate of 7%. The mortgage is repayable over 5 years in annual instalments, due each June 30. The first payment is due June 30, 2023 Sunland's year-end. Prepare all journal entries for Sunland for the first two fiscal years ended June 30, 2023, and June 30, 2024. (List all debit entries before credit entries. 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.) Date Account Titles and Explanation Debit Credit July 1, 2022 June 30, 2023 June 30, 2024 June 30, 2024 Sunland borrowed has just approached a venture capitalist for financing for her new business venture, Sunland Corporation, the development of a local ski hill. On July 1, 2022, Stacy borrowed $114,000 by signing a mortgage payable at an annual interest rate of 7%. The mortgage is repayable over 5 years in annual instalments. due each June 30. The first payment is due June 30, 2023 Sunland's year-end. Prepare an amortization schedule for the year term of the mortgage, assuming the payment is a blended principal and interest payment of $27,804. (Round answers to the nearest whole dollars. 5.275) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principa Balance July 1, 2022 S June 30, 2023 $ 27804 7980 $ 19824 June 30. 2024 27804 8592 21212 5507 22697 June 30. 2025 27804 3919 24285 June 30, 2026 27804 Prepare all journal entries for Sunland for the first two fiscal years ended June 30, 2023, and June 30,2024. (List all debit entries before credit entries. Credit occount titles are automatically Indented when the amount is entered. Do not Indent manually. Round answers to the nearest whole dollar, eg. 5,275) Date Account Titles and Explanation Debit Credit July 1, 2022 June 30 2023 June 30, 2024

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