Question

WileyPLUS Problem 10-7 Stacy Button has just approached a venture capitalist for financing for her new business venture, Skidiurn Corporation, the development of a local ski hill. On July 1, 2018, Stacy borrowed $124,000 by signing a mortgage payable at an annual interest rate of 8%. The mortgage is repayable over 5 years in annual instalments, due each Jure 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 $31,057. (Round answers to the nearest whole dollar, e.g. 5,275.) Cash Annual Interest Period July 1, 2018 Reduction of Principal Principal Balance Payment Expense Dune 30, 2019 June 30, 2020 June 30, 2021 Dune 30, 2022 June 30, 2023 Total Prepare all journal entries for Skidium for the first two fiscal years ended June 20, 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, e.g. 5,275.) Debit Credit Date Account Titles and Explanation July 1, 2018 June 30, 2019 June 30, 2020 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, e.g. 5,275.) SKIDIUM CORPORATION Statement of Finandal Position (Partial) June 30, 2020 Current Liabilities Non-Curent Labilities

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Answer 1

	Annual	Cash	interest	Reduction	principal
	interest	payment	expense	of principal	balance
	period
	7/1/2018				124,000
	6/30/2019	31,057	9920	21,137	102,863
	6/30/2020	31,057	8229	22828	80035
	6/30/2021	31,057	6403	24654	55381
	6/30/2022	31,057	4430	26627	28754
	6/30/2023	31,057	2302	28755	0
	Date	Account titles & explanations				Debit	Credit
	7/1/2019	cash				124,000
		mortgage payable					124,000
	6/30/2019	interest expense				9920
		mortgage payable				21,137
		cash					31,057
	6/30/2020	interest expense				8229
		mortgage payable				22,828
		cash					31,057
		Statement of financial position
		june 30,2020
	Current liabilities
	current portion of mortgage				24654
	non current liabilities
	mortgage payable				55381