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 July 1, 2018, Stacy borrowed $95,000 by signing a mortgage payable at an annual interest rate of 6%. 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 $22,553. (Round answers to the nearest whole dollar, e.g. 5,275.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance July 1, 2018 June 30, 2019 June 30, 2020 June 30, 2021 June 30, 2022 June 30, 2023 Total 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, e.g. 5,275.) Date Account Titles and Explanation Debit Credit 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.)

Answer 1

please find attached

Cash Payment Init Eth Pr. Reduch Bul 9 Sooo July 1, 2018 24700 to 19000 5700 19000 76000 4560 1900 57000 30/6/20 30/6/21 23560 22420 3420 19ooo 3 booo 2280 21260 19.000 19000 - 30/6/03 20140 1140 1140 1900 Journal July 1, 2018 9 Sooo 950oo 30/6 2019 enth 5700 To loon 5700 247oo Loon To Cash 24700 هاگ با ent To Loon 4560 Loon ?3560 To Call 23560