In: Accounting
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 |
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 |
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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
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Short-term loan- 10% interest,
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