Blossom Greenhouses Ltd. signed a 15-year, 4.0%, $910,000 loan on September 30, 2024, to help finance a new state-of-the-art greenhouse with an associated renewable energy source. The loan terms provide for semi-annual payments of $40,631 principal and interest. Payments are due on March 31 and September 30. The company's year end is September 30. (a) Your Answer Correct Answer Your answer is correct. Prepare an instalment payment schedule for the first two years. (Round answers to 0 decimal places, e.g. 5,255.) Semi-Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance 910,000 Sept. 30, 2024 40631 $ 18200 22431 887569 Mar. 31, 2025 40631 17752 22879 864,690 Sept. 30, 2025 40631 17294 23337 841353 Mar. 31, 2026 40631 16827 23804 817549 Sept. 30, 2026 SUPPO (b) Record the receipt of the loan on September 30, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credi entry.) Date Account Titles Sept. 30, 2024 Debit Credit
Blossom Greenhouses Ltd. signed a 15-year, 4.0%, $910,000 loan on September 30, 2024, to help finance a new state-of-the-art greenhouse with an associated renewable energy source. The loan terms provide for semi-annual payments of $40,631 principal and interest. Payments are due on March 31 and September 30. The company's year end is September 30. (a) Your Answer Correct Answer Your answer is correct. Prepare an instalment payment schedule for the first two years. (Round answers to 0 decimal places, e.g. 5,255.) Semi-Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance 910,000 Sept. 30, 2024 40631 $ 18200 22431 887569 Mar. 31, 2025 40631 17752 22879 864,690 Sept. 30, 2025 40631 17294 23337 841353 Mar. 31, 2026 40631 16827 23804 817549 Sept. 30, 2026 SUPPO (b) Record the receipt of the loan on September 30, 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credi entry.) Date Account Titles Sept. 30, 2024 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Blossom Greenhouses Ltd. signed a 15-year, 4.0%, $910,000 loan on September 30, 2024, to help finance a new state-of-the-art greenhouse with an
associated renewable energy source. The loan terms provide for semi-annual payments of $40,631 principal and interest. Payments are due on March 31
and September 30. The company's year end is September 30.
(a)
Your Answer
Correct Answer
Your answer is correct.
Prepare an instalment payment schedule for the first two years. (Round answers to 0 decimal places, e.g. 5,255.)
Semi-Annual
Interest Period
Cash Payment
Interest Expense
Reduction of Principal
Principal Balance
910,000
Sept. 30, 2024
40631
18200
22431
887569
Mar. 31, 2025
Sept. 30, 2025
40631
17752
22879
864,690
40631
17294
23337
841353
Mar. 31, 2026
Sept. 30, 2026
40631
16827
23804
817549
SUPPO
(b)
Record the receipt of the loan on September 30, 2024. (Credit account titles are automatically indented when the amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit
entry.)
Date
Account Titles
Sept. 30, 2024
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fba78d3aa-d292-4f2c-9eb0-0e0844e8193a%2Fdc2e6d3d-77de-44f7-a1dd-c6f79cc19bf8%2Ftkya43_processed.png&w=3840&q=75)
Transcribed Image Text:Blossom Greenhouses Ltd. signed a 15-year, 4.0%, $910,000 loan on September 30, 2024, to help finance a new state-of-the-art greenhouse with an
associated renewable energy source. The loan terms provide for semi-annual payments of $40,631 principal and interest. Payments are due on March 31
and September 30. The company's year end is September 30.
(a)
Your Answer
Correct Answer
Your answer is correct.
Prepare an instalment payment schedule for the first two years. (Round answers to 0 decimal places, e.g. 5,255.)
Semi-Annual
Interest Period
Cash Payment
Interest Expense
Reduction of Principal
Principal Balance
910,000
Sept. 30, 2024
40631
18200
22431
887569
Mar. 31, 2025
Sept. 30, 2025
40631
17752
22879
864,690
40631
17294
23337
841353
Mar. 31, 2026
Sept. 30, 2026
40631
16827
23804
817549
SUPPO
(b)
Record the receipt of the loan on September 30, 2024. (Credit account titles are automatically indented when the amount is entered. Do not
indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit
entry.)
Date
Account Titles
Sept. 30, 2024
Debit
Credit
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