Question

Nash Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $4,600,000 on January 1, 2021. Nash expected to complete the building by December 31, 2021. Nash has the following debt obligations outstanding during the construction period.

Construction loan—10% interest, payable semi-annually, issued December 31, 2020, maturity on December 31, 2030		$2,096,000
Short-term loan—8% interest, payable monthly, and principal payable at maturity on May 30, 2022		1,422,000
Long-term loan—9% interest, payable on January 1 of each year. Principal payable on January 1, 2025		1,021,000

Answer 1

Loan Schedule for Construction Loan
Sanction Date - 31-Dec-2020
Sanction Amount - $2096000
Interest Rate - 10% Payable Semi-Annually
Payment Date	Period	Opening Balance	Interest	Interest Payment	Principal Payment	Balance
30-06-2021	1	2096000	104800	104800	-	20,96,000.00
31-12-2021	2	2096000	104800	104800	-	20,96,000.00
30-06-2022	3	2096000	104800	104800	-	20,96,000.00
31-12-2022	4	2096000	104800	104800	-	20,96,000.00
30-06-2023	5	2096000	104800	104800	-	20,96,000.00
31-12-2023	6	2096000	104800	104800	-	20,96,000.00
30-06-2024	7	2096000	104800	104800	-	20,96,000.00
31-12-2024	8	2096000	104800	104800	-	20,96,000.00
30-06-2025	9	2096000	104800	104800	-	20,96,000.00
31-12-2025	10	2096000	104800	104800	-	20,96,000.00
30-06-2026	11	2096000	104800	104800	-	20,96,000.00
31-12-2026	12	2096000	104800	104800	-	20,96,000.00
30-06-2027	13	2096000	104800	104800	-	20,96,000.00
31-12-2027	14	2096000	104800	104800	-	20,96,000.00
30-06-2028	15	2096000	104800	104800	-	20,96,000.00
31-12-2028	16	2096000	104800	104800	-	20,96,000.00
30-06-2029	17	2096000	104800	104800	-	20,96,000.00
31-12-2029	18	2096000	104800	104800	-	20,96,000.00
30-06-2030	19	2096000	104800	104800	-	20,96,000.00
31-12-2030	20	2096000	104800	104800	20,96,000.00	-
Loan Schedule for Short Term Loan
Sanction Date - 31-Dec-2020
Sanction Amount - $1422000
Interest Rate - 8% - Payable Monthly
Payment Date	Period	Opening Balance	Interest	Interest Payment	Principal Payment	Balance
31-01-2021	1	1422000	9480	9480	-	14,22,000.00
28-02-2021	2	14,22,000.00	9480	9480	-	14,22,000.00
31-03-2021	3	14,22,000.00	9480	9480	-	14,22,000.00
30-04-2021	4	14,22,000.00	9480	9480	-	14,22,000.00
31-05-2021	5	14,22,000.00	9480	9480	-	14,22,000.00
30-06-2021	6	14,22,000.00	9480	9480	-	14,22,000.00
31-07-2021	7	14,22,000.00	9480	9480	-	14,22,000.00
31-08-2021	8	14,22,000.00	9480	9480	-	14,22,000.00
30-09-2021	9	14,22,000.00	9480	9480	-	14,22,000.00
31-10-2021	10	14,22,000.00	9480	9480	-	14,22,000.00
30-11-2021	11	14,22,000.00	9480	9480	-	14,22,000.00
31-12-2021	12	14,22,000.00	9480	9480	-	14,22,000.00
ekkarill92 Next > < Previous Related Solutions Nash Furniture Company started construction of a combination office and warehouse building for its own use... Nash Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $ 4,953,300 on January 1, 2017. Nash expected to complete the building by December 31, 2017. Nash has the following debt obligations outstanding during the construction period. Construction loan- 12% interest, payable semiannually, issued December 31, 2016 $2,015,500 Short-term loan- 10% interest, payable monthly, and principal payable at maturity on May 30, 2018 1,609,200 Long-term loan- 11% interest, payable... The Furniture Company started construction of a combination office and warehouse building for its own use... The Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $14,500,000 on January 1, 2020. The Furniture Company expected to complete the building by December 31, 2020. The Furniture Company has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $5,800,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 4,060,000 Long-term loan-11% interest, payable... Grouper Furniture Company started construction of a combination office and warehouse building for its own use... Grouper Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $5,024,000 on January 1, 2017. Grouper expected to complete the building by December 31, 2017. Grouper has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2016 $1,990,600 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2018 1,603,500 Long-term loan-11% interest, payable on January 1 of... Riverbed Furniture Company started construction of a combination office and warehouse building for its own use... Riverbed Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $3,000,000 on January 1, 2020. Riverbed expected to complete the building by December 31, 2020. Riverbed has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $1,200,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 840,000 Long-term loan-11% interest, payable on January 1 of... Bramble Furniture Company started construction of a combination office and warehouse building for its own use... Bramble Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $2,500,000 on January 1, 2020. Bramble expected to complete the building by December 31, 2020. Bramble has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $1,000,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 700,000 Long-term loan-11% interest, payable on January 1 of... Skysong Furniture Company started construction of a combination office and warehouse building for its own use... Skysong Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $4,981,900 on January 1, 2017. Skysong expected to complete the building by December 31, 2017. Skysong has the following debt obligations outstanding during the construction period. Construction loan-10% interest, payable semiannually, issued December 31, 2016 $2,000,100 Short-term loan-8% interest, payable monthly, and principal payable at maturity on May 30, 2018 1,595,800 Long-term loan-9% interest, payable on January 1 of... Flounder Furniture Company started construction of a combination office and warehouse building for its own use... Flounder Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $3,000,000 on January 1, 2020. Flounder expected to complete the building by December 31, 2020. Flounder has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2019 $1,200,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2021 840,000 Long-term loan-11% interest, payable on January 1 of... Pronghorn Furniture Company started construction of a combination office and warehouse building for its own use... Pronghorn Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $4,978,200 on January 1, 2017. Pronghorn expected to complete the building by December 31, 2017. Pronghorn has the following debt obligations outstanding during the construction period. Construction loan-12% interest, payable semiannually, issued December 31, 2016 $2,012,000 Short-term loan-10% interest, payable monthly, and principal payable at maturity on May 30, 2018 1,615,200 Long-term loan-11% interest, payable on January 1 of... Culver Furniture Company started construction of a combination office and warehouse building for its own use... Culver Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $6,000,000 on January 1, 2020. Culver expected to complete the building by December 31, 2020. Culver has the following debt obligations outstanding during the construction period. Construction loan-14% interest, payable semiannually, issued December 31, 2019 $2,400,000 Short-term loan-12% interest, payable monthly, and principal payable at maturity on May 30, 2021 1,680,000 Long-term loan-13% interest, payable on January 1 of... Pearl Furniture Company started construction of a combination office and warehouse building for its own use... Pearl Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $4,981,900 on January 1, 2017. Pearl expected to complete the building by December 31, 2017. Pearl has the following debt obligations outstanding during the construction period. Construction loan-10% interest, payable semiannually, issued December 31, 2016 $2,000,100 Short-term loan-8% interest, payable monthly, and principal payable at maturity on May 30, 2018 1,595,800 Long-term loan-9% interest, payable on January 1 of... ADVERTISEMENT Subjects Accounting Advanced Math Anatomy and Physiology Biology Chemistry Civil Engineering Computer Science Economics Electrical Engineering Finance History Math Mechanical Engineering Operations Management Physics Psychology Statistics and Probability Nursing Other ADVERTISEMENT Latest Questions This is all one question, thank you so much in advance! You must evaluate a proposal... X Company is considering the purchase of a new processor that costs $200,000. Shipping and setup... There are a large number of tasks involved in information technology and programming, and many of... Using one quantitative and one qualitative health policy research method described in this chapter, design a... What is the Rawls' solution to the age-old question of social         (economic / distributive) justice?... St. Johns River Shipyards' welding machine is 15 years old, fully depreciated, and has no salvage... The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials... ADVERTISEMENT About @ 2020 WizEdu