Assignment Problem: Grace Herron has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2013, Grace was loaned $232,000 at an annual interest rate of 6%. The loan is repayable over 5 years in annual installments of $55,076, principal and interest, due each June 30. The first payment is due June 30, 2014. Grace uses the effective-interest method for amortizing debt. Her ski hill company's year-end will be June 30.
Required:
1. Prepare all journal entries for Grace Herron for the first 2 fiscal years ended June 30, 2014, and June 30, 2015.
2. Show the balance sheet presentation of the note payable as of June 30, 2015.
3. Prepare an amortization schedule for the 5 years, 2013-2018.
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