ONLY ANSWER THE PART E
Swifty Hage has just approached a bank for financing for his new restaurant, Crane Sally. The bank is willing to loan Crane Sally Inc. $200,000 at a high-risk interest rate of 4%. The loan is payable over three years in quarterly payments of $17,770. Crane Sally received the loan on April 30, 2021. It made the first payment on July 31. The company's year end is October 31. (a) Your answer has been saved. See score details after the due date. Prepare an instalment payment schedule for the three years. (Round answers to the nearest whole dollar, e.g. 5,275.) Cash Payment Interest Expense Principal Reduction Period Apr. 30, 2021 $ July 31, 2021 $ 17770 $ 1842 $ 15928 Oct. 31, 2021 17770 1683 16087 Jan. 31, 2022 17770 1522 16248 Apr 30, 2022 17770 1360 16410 July 31, 2022 17770 1196 16574 Oct. 31, 2022 17770 1030 16740 Jan. 31, 2023 17770 862 16908 Apr 30, 2023 17770 693 17077 July 31, 2023 17770 523 17420 Oct. 31, 2023 17770 350 17420 Jan. 31, 2024 17770 179 17591 Apr. 30. 2024 -0 0 Total $ 13240 $ 200000 * Adjust rounding difference e Textbook and Media (b) Your answer has been saved. See score details after the due date. Record the receipt of the bank loan on April 30. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit 2021 Apr. 30 Cash 200000 Notes Payable 200000 e Textbook and Media List of Accounts Attempts: 1 of 1 used (c) Record the first two loan payments, on July 31 and October 31. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit 2021 July 31 Notes Payable 17770 Interest Expense 1842 Cash 19612 Oct. 31 Notes Payable 17770 Interest Expense 1683 Cash 19453 e Textbook and Media List of Accounts Your answer has been saved. See score details after the due date. Show the statement of financial position presentation of the bank loan at October 31, 2021. (Round answers to the nearest whole dollar, e.g. 5,275.) CRANE SALLY INC. Statement of Financial Position (Partial) For the Year Ended October 31, 2021 V Non-Current Liabilities Bank loan payable, 4%, due in 2024 $ Current Liabilities Current portion of 4% bank loan payable Total Liabilities $ (e) Show the statement of financial position presentation for all accounts relating to the bank loan assuming that the company's year end was on November 30, 2021, instead of October 31, 2021. CRANE SALLY INC. Statement of Financial Position (Partial) $ $
