Question
Part c required Starlight Graphics Ltd. signed a 10-year, 6.50%, $300,000 mortgage on June 30, 2021, to help finance a new research laboratory. The mortgage
Part c required
Starlight Graphics Ltd. signed a 10-year, 6.50%, $300,000 mortgage on June 30, 2021, to help finance a new research laboratory. The mortgage terms provide for semi-annual payments of $20,634. Payments are due on December 31 and June 30. The companys year end is June 30.
(a)
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Prepare an instalment payment schedule for the first two years. (Round answers to the nearest whole dollar, e.g. 5,275.)
Semi-annual Interest Period | Cash Payment | Interest Expense | Reduction of Principal | Principal Balance | |||||
June 30, 2021 | $ | ||||||||
Dec. 31, 2021 | $ | $ | $ | ||||||
June 30, 2022 | |||||||||
Dec. 31, 2022 | |||||||||
June 30, 2023 |
List of Accounts
Attempts: 1 of 1 used
Question Part Score
0/9
(b)
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Record the receipt of the mortgage loan on June 30, 2021. (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 |
June 30 | |||
List of Accounts
Attempts: 1 of 1 used
Question Part Score
0/2
(c)
Record the first two instalment payments, on December 31, 2021, and June 30, 2022 (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 |
Dec. 31 | |||
June 30 | |||
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