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The table is the information for the interest stuff. we also need to show our equations for everything and do catch-up entries Task #1 -
The table is the information for the interest stuff. we also need to show our equations for everything and do catch-up entries
Task \#1 - Loan: May 1, 2024 - SOF received a bank loan of $90,000 from Conexus Credit Union. Jun 1, 2024 - SOF spent $100,000 to purchase a forklift (POS) for a total cost of $100,000. The forklift will be used to move groceries throughout the store. The forklift will have a 10-year useful life. The interest rate on the loan from Conexus is 6.0% (compounded only on the loan principle outstanding). The loan is for 3 years and will be paid back evenly over 3 years. As part of the financing SOF only needs to make the required loan payments each year of Apr 30. Each loan payment will be for $30,000 plus any interest owing. Required: a) Journal Entries: - Prepare the required journal entries for each of the following dates relating to botl the asset and the loan: > May 1,2024 > Jun 1,2024 > Dec 31, 2024 > Apr 30, 2025 > Dec 31,2025 Apr 30, 2026 > Dec 31, 2026 > Apr 30, 2027 You must show all supporting calculations. b) Financial Statements: - What will the NBV of the equipment be on the Dec 31, 2031 statement of financial position? \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{2}{|c|}{ Date } & \multirow[t]{2}{*}{ Opening } & \multirow{2}{*}{\begin{tabular}{c} Interest \\ 6.0% \\ \end{tabular}} & \multirow[t]{2}{*}{ Balance } & \multicolumn{3}{|c|}{ Payment } & \multirow[t]{2}{*}{ Ending } \\ \hline & & & & & Principle & Interest & Total & \\ \hline \multirow{2}{*}{2024} & May 1 & 90,000 & & & & & & \\ \hline & Dec 31 & 90,000 & 3,600 & 90,000 & - & - & - & 90,000 \\ \hline \multirow[b]{2}{*}{2025} & Apr 30 & 90,000 & 1800 & 90,000 & (30,000) & (5,400) & (35,400) & 60,000 \\ \hline & Dec 31 & 60,000 & 2,400 & 60,000 & - & - & - & 60,000 \\ \hline \multirow{2}{*}{2026} & & & & & & & (336001 & \\ \hline & \begin{tabular}{l} Apr 30 \\ Dec 31 \end{tabular} & \begin{tabular}{l} 60,000 \\ 30,000 \end{tabular} & \begin{tabular}{l} 1,200 \\ 1,200 \end{tabular} & \begin{tabular}{l} 60,000 \\ 30,000 \end{tabular} & \begin{tabular}{r} (30,000) \\ - \end{tabular} & \begin{tabular}{c} (3,600) \\ - \end{tabular} & \begin{tabular}{r} (33,600) \\ - \end{tabular} & 30,000 \\ \hline & & & & & & & & \\ \hline 2027 & Apr 30 & 30,000 & 600 & 30,000 & (30,000) & (1,800) & (31,800) & - \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline otal & & 90,000 & 10,800 & - & (90,000) & (10,800) & 10,800 & - \\ \hline \end{tabular}Step by Step Solution
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