Chapter 10 (8 marks, 16 minutes)

On January 1, 2021, Cooper Limited received a $275,000, 5-year loan from Mojtabai Bank. The loan has an 8% interest rate and requires a semi-annual payment (principal plus interest) of $33,905 each June 30 and December 31. The companys year-end is December 31.

Required:

(A) Prepare an instalment payment schedule for the first 4 payments using the following table format. Please round all calculations to the nearest dollar. (4 marks)

Date	Cash Payment	Interest Expense	Principal Reduction	Principal Balance
Jan 1, 2021
June 30, 2021
Dec 31, 2021
June 30, 2022
Dec 31, 2022

(B) Using your answer from Part A above, prepare the journal entry that Cooper Limited would record on December 31, 2022. (2.5 marks)

(C) What amounts will be recorded as current and non-current liabilities in Cooper Limiteds Statement of Financial Position as at December 31, 2021? (1.5 marks)

Question 1 8 points Save Answer Chapter 10 (8 marks, 16 minutes) On January 1, 2021, Cooper Limited received a $275,000, 5-year loan from Mojtabai Bank. The loan has an 8% interest rate and requires a semi- annual payment (principal plus interest) of $33,905 each June 30 and December 31. The company's year-end is December 31. Required: (A) Prepare an instalment payment schedule for the first 4 payments using the following table format. Please round all calculations to the nearest dollar. (4 marks) Cash Payment Interest Expense Principal Reduction Principal Balance Date Jan 1, 2021 June 30, 2021 Dec 31, 2021 June 30, 2022 Dec 31, 2022 (B) Using your answer from Part A above, prepare the journal entry that Cooper Limited would record on December 31, 2022. (2.5 marks) (C) What amounts will be recorded as current and non-current liabilities in Cooper Limited's Statement of Financial Position as at December 31, 2021? (1.5 marks) Arial T TT TT Paragraph % DOO fx Mashups 16 3 (12pt) T TO's 11 ABC E HTML CSS G Path:p Words:0