June 1 2020 - Silverman was asking $258000 for land.

315,000 five year promissory note

Interest - 4% (Paid annually on june 1 for next five yrs)

 

Calculate the purchase price of the land, and Prepare the debt amortization schedule for the note over its term. (c) On the "Entries" worksheet, record the purchase of the land and prepare any journal entries that are required for the three years (up to December 31, 2022) from the beginning of the term of the note. (d) On the "Financial Statements" worksheet: Prepare the statement of financial position presentation at the company's year-end (include both the current and long-term portions). Show the results for 3 years side- by-side. Your amounts, dates and company name must be cell-referenced to the "Data" and/or the debt amortization schedule and/or the journal entries. On the same worksheet, prepare the income statement presentation at year-end for 3 consecutive years, side-by-side. Your amounts, date and company name must be cell-referenced to the "Data" and/or the debt amortization schedule and/or the journal entries. (e) Assume that the seller had insisted on obtaining an instalment note from the buyer instead of a promissory mortgage note. Then do the following: Copy the "Calculations" worksheet and using Excel functions, calculate the amount of the instalment payments that would be required for a five-year instalment note. Use the cost of the land that you determined for the mortgage note in part (b). Prepare an effective-interest amortization table for the five-year term of the instalment note. Complete the right side of the "Financial Statements" worksheet. JOURNAL ENTRIES ARE NOT REQUIRED. You may find it easier to prepare your financial statements based on journal entries. Any entries prepared for the instalment note will not be graded. BONUS MARKS for the statement of cash flows impact.