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1 Zoey Ltd. lends $25,000 to the owner (to finance home renovations) on December 31, 20X0. The loan will be repaid semi-annually over 2.5 years
1 Zoey Ltd. lends $25,000 to the owner (to finance home renovations) on December 31, 20X0. The loan will be repaid semi-annually over 2.5 years according to a blended interest and principal plan at a stated interest rate of 6.4%. Semi-annual interest payments are $6,000 on June 30 and December 31. Required: Record the following transactions Issuance of the loan at December 31, 20XO Receipt of interest/principal at June 30, 20X1; December 31, 20X1; June 30, 20X2; December 31, 20X2; and June 30, 20X3. (Round to the nearest dollar)
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