(Answered) Problem- grace herron has just approached a venture

Accounting

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 $263,000 at an annual interest rate of 8%. The loan is repayable over 5 years in annual installments of $65,870, 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.

Prepare an amortization schedule for the 5 years, 2013-2018. (Round answers to 0 decimal places, e.g. 125.)

Prepare all journal entries for Grace Herron for the first 2 fiscal years ended June 30, 2014, and June 30, 2015. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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