Question: Susan Grey has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1,


Susan Grey has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2021, Susan was loaned $162,000 at an annual interest rate of 5%. The loan is repayable over 5 years in annual installments of $37,418, principal and interest, due each June 30. The first payment is due June 30, 2022. Susan uses the effective- interest method for amortizing debt. Her ski hill company's year-end will be June 30. (a) Your answer is correct. Prepare an amortization schedule for the 5 years, 2021-2026. (Round answers to decimal places, eg. 125.) Period Cash Payment Interest Expense Principal Reduction Balanc $ $ $ July 1, 2021 June 30 37418 8100 29318 Prepare an amortization schedule for the 5 years, 2021 2026. (Round answers to decimal places, eg. 125 Period Cash Payment Interest Expense Principal Reduction Balanc $ 5 37418 8100 29318 37418 66341 30783.9 July 1. 2021 June 30 2022 June 30. 2023 June 30, 2024 June 30 2025 June 30, 2026 37418 5094.905 32323,095 37418 3478.75 33939.25 37418 178179 35636 Total $ 187090 $ 25089.545 $ 162000.245 Prepare all journal entries for Susan Grey for the first 2 fiscal years ended June 30, 2022 and June 30, 2023. Round answers to decimal places, eg. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit July 2021 Date Credit June 2022 June 2023
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