Scotch Ltd borrows $250,000 from the Northpac Bank on the 1 July 20x1. The loan is secured by a mortgage over real estate. The term of the loan is four years with fixed compound interest of 4.5% per annum paid in arrears. The loan is repaid in 6 monthly instalments of interest and principal with the first instalment occurring on the 315 December 20X1. These instalments are each $34,496 (rounded to the nearest dollar). Required: a) A partially complete loan repayment schedule for the entire loan is provided below. Complete the schedule by inserting the correct numbers in the seven (7) vacant cells. Round numbers to the nearest whole dollar. 3 marks Instalment Datee Opening Loan Balance $ Instalmente Paid Interest Principal Component Reductione Se Se Closing Loan Balance se $- 31/12/X12 250,000 34,496 28,8712 221,129 191,608 30/6/x2 221,129 34,496 5,625 (1975) 4,3112 3,6324 191,608 34,496 161,423 31/12/X2 30/6/X3 161,423 34,496 29,5212 30,185) 30,864 31,5582 $2,268 130,559 31/12/X3e 130,559 34,496 2,9382 99,001 30/6/X4 99,001 34,496 2,228 (66,7334 32,995 33,738 31/12/X4 66,7332 34,496 1,5012 30/6/15 33,7382 34,497* 759 - last payment amount reflects prior roundings. 33,7382 02 (CONTINUED) PARTB 5 marks Glenelg Ltd borrows $40,000 from the AFI Bank on the 31st August 20x2. Instalments of $7,262 are made every six months to repay the loan over three years and interest calculated at 5% per annum compounded half yearly. The repayment schedule for the loan is provided below. Glenelg Ltd financial year ends on 30th June. Instalment Datee Instalmente Paide $ Interest Principal Component Reduction $e Closing Loan Balance $e se Opening Loan Balance SP 40,000 33,738 27,319 20,740 13,9972 7,0852 1,000 8432 28/2/x3e 31/8/X32 28/2/X4 31/8/X4 28/2/x5e 31/8/X5e 683 7,2624 7,262 7,262 7,262 7,262 7,262 6,262 6,419 6,579e 6,7432 6,912 7,0852 33,738 27,3192 20,740 13,997 7,0852 5190 350 177 02 Required: Determine the amount/s that would appear in the Balance Sheet of Glenelg Ltd in respect of the loan as at the 30th June 20x4 and describe how they would be classified 5 marks