Reference no: EM132833212
Question - EJA purchased a new airplane for $1 million. EJA obtained a 10-year mortgage from the Bank of Sydney in order to finance the acquisition of the planes. The terms and agreement of the mortgage can be found in Exhibit I.
Exhibit I:
Mortgage Agreement with the Bank of Sydney
Total balance: $1,000,000
Term: 10-year amortization, blended annual payments due on December 31.
Commencement date: January 1, 2020
First payment: Due December 31, 2020
Interest rate: 8% fixed over the 10-year period
Covenant: EJA shall maintain a debt to equity ratio that is no greater than 2:1.
Collateral: Secured debt against the value of the aircrafts
Compliance: Audited financial statements to be filed by January 31 of each year.
Required - Record the first payment and show the amortization table.
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