Answered step by step
Verified Expert Solution
Question
1 Approved Answer
i have given the answers for 1st part please do the second(journal entries). please answer quickly and thank u so much. i will upvote as
i have given the answers for 1st part please do the second(journal entries).
Coronado borrowed has just approached a venture capitalist for financing for her new business venture, Coronado Corporation, the development of a local ski hill On July 1, 2022, Stacy borrowed $112.000 by signing a mortgage payable at an annual interest rate of 7%. The mortgage is repayable over 5 years in annual instalments, due each June 30. The first payment is due June 30, 2023 Coronado's year-end. (a) Your answer has been saved. See score details after the due date. Prepare an amortization schedule for the 5-year term of the mortgage, assuming the payment is a blended principal and interest payment of $27.316. (Round answers to the nearest whole dollar, eg. 5,275.) Prepare an amortization schedule for the 5-year term of the mortgage, assuming the payment is a blended principal and interest payment of $27,316. (Round answers to the nearest whole dollar, eg. 5,275.) Cash Annual Interest Period Interest Reduction of Prit Payment Expense Principal Ba July 1 2022 $ June 30. 27316 $ 7840 $ 19476 2023 June 27316 30, 2024 6477 20839 June 30, 2025 1 27316 5018 22298 Cash Interest Reduction of Principal Principal Balance Payment Expense 112000 27316 $ 7840 $ 19476 92524 27316 6477 20839 71685 27316 5018 22298 49387 27316 3457 23859 25528 uestion 1 of 7 ... / 10 2023 June 27316 30, 2024 6477 20839 June 27316 30, 2025 5018 22298 June 30, 27316 3457 23859 2026 June 30. 27316 1788 22528 2027 Total 136580 24580 112000 + Final Exam Calculations (521) estion 1 of 7 > .../10 III 27316 $ 7840 19476 92524 27316 6477 20839 71685 27316 5018 22298 49387 27316 3457 23859 25528 27316 1788 22528 0 136580 24580 112000 (b) Prepare all journal entries for Coronado for the first two fiscal years ended June 30, 2023, and June 30, 2024. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to the nearest whole dollar, eg. 5,275.) Date Account Titles and Explanation Debit Credit July 1, 2022 I June 30, 2023 2022 June 30, 2023 I June 30, 2024 please answer quickly and thank u so much. i will upvote as well
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started