Blossom Greenhouses Ltd$.$ signed a $15-$year, $4\mathrm{.}0\%,$ $$910,000$ loan on September $30,2024,$ to help finance a new state$-$of$-$the$-$art greenhouse with an associated renewable energy source. The loan terms provide for semi$-$annual payments of $$40,631$ principal and interest. Payments are due on March $31$ and September $30.$ The company's year end is September $30.$

$($a$)$

Correct Answer

Your answer is correct.

Prepare an instalment payment schedule for the first two years. $($Round answers to $0$ decimal places, e$.$g$.5,255.)$

Semi$-$Annual

Interest Period

Cash Payment

Interest Expense

Reduction of Principal

Principal Balance

Sept. $30,2024$

Mar. $31,2025$

Sept. $30,2025$

Mar. $31,2026$

Sept. $30,2026$

$($b$)$

Record the receipt of the loan on September $30,2024.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credi entry.$)$

Date

Account Titles

Debit

Credit

Sept. $30,2024$