The owner of Alpine Golf Course Ltd., a local golf course, has just approached a bank for financing for its new business venture, the development of another course. On April 1, 2020, the bank lent the company $200,000 at an interest rate of 8%. The bank loan is payable over four years with annual payments of $60,384. The first payment is due March 31, 2021. The golf course’s year end is March 31. Instructions a)Prepare an instalment payment schedule for the four-year loan period. Round all amounts to the nearest dollar. b)Record the receipt of the bank loan on April 1, 2020. c)Record the first two instalment payments, on March 31, 2021, and March 31, 2022. d)Show the statement of financial position presentation of the bank loan payable as at March 31, 2021. 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 April 30, 2021, instead of March 31, 2021. Classify liabilities. please show workings
The owner of Alpine Golf Course Ltd., a local golf course, has just approached a bank for financing for its new business venture, the development of another course. On April 1, 2020, the bank lent the company $200,000 at an interest rate of 8%. The bank loan is payable over four years with annual payments of $60,384. The first payment is due March 31, 2021. The golf course’s year end is March 31.
Instructions
a)Prepare an instalment payment schedule for the four-year loan period. Round all amounts to the nearest dollar.
b)Record the receipt of the bank loan on April 1, 2020.
c)Record the first two instalment payments, on March 31, 2021, and March 31, 2022.
d)Show the
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 April 30, 2021, instead of March 31, 2021.
Classify liabilities.
please show workings
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