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
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