Part (b) onlyHomework Answers
| Account Titles and Explanation | Debit | Credit | ||
| 1st Payment | Mortgage Payable | $7,209.40 | ||
| Interest Expenses | $2,515.00 | ($503,000 x 6% x 1/12) | ||
| Cash | $9,724.40 | |||
| 2nd Payment | Mortgage Payable | $7,245.45 | ||
| Interest Expenses | $2,478.95 | [($503,000 - $7,209.40) x 6% x 1/12] | ||
| Cash | $9,724.40 | |||
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Part (b) only
On January 1, 2020 a company takes out a 5-year mortgage on a...
On January 1, 2020 a company takes out a 5-year mortgage on a new property in...
On January 1, 2020 a company takes out a 5-year mortgage on a
new property in the amount of $511,000 at an annual interest rate
of 6%. There will be a fixed monthly payment payable at the end of
each month that will include both interest and principal. The fixed
monthly payment payable is $9,879.06.
We were unable to transcribe this imageWe were unable to transcribe this image(b) Record the journal entries for the first 2 months' payments. (Round answers...
On January 1, 2020 a company takes out a 5-year mortgage on a new property in...
On January 1, 2020 a company takes out a 5-year mortgage on a new property in the amount of $503,000 at an annual interest rate of 6%. There will be a fixed monthly payment payable at the end of each month that will include both interest and principal. The fixed monthly payment payable is $9,724.40. (a) Calculate the amount of interest and principal for the first month's payment. (Round answers to 2 decimal places, e.g. 15.25.) Interest $ Principal $
On January 1, 2020 a company takes out a 5-year mortgage on a new property in...
On January 1, 2020 a company takes out a 5-year mortgage on a new property in the amount of $511,000 at an annual interest rate of 6%. There will be a fixed monthly payment payable at the end of each month that will include both interest and principal. The fixed monthly payment payable is $9,879.06. (a) Calculate the amount of interest and principal for the first month's payment. (Round answers to 2 decimal places, e.g. 15.25.) Interests Principals
Cullumber Company receives S385,000 when it issues a $385,000, 5%, mortgage note payable to finance the...
Cullumber Company receives S385,000 when it issues a $385,000, 5%, mortgage note payable to finance the construction of a building at December 31, 2017·The terms provide for annual istallment payments of $37,092 on December 31. Prepare an amortization schedule of a mortgage note for two years. (Round answers to 0 decimal places, e.g. 5,275.) Annual Interest Period Paymentxpenseof Principal Balance Cash Interest Principal Issue date 12/31/18 12/31/19 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO SKILAR EXERCİSE Prepare the journal...
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Application Problem 10-13 b A company takes out a four-year, $880,000 mortgage on May 1. The interest rate on the loan is 4% per year, and blended payments of $19,870 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company: Payment 1 Payment 2 Payment 3 Payment 4 Beginning Loan Balance $880,000 863,063 846,070 829,020 Payment $19,870 19,870 19,870 19,870...
Exercise 10-5 Ste. Anne Corp. obtained a 10-year, 5%, $136,000 mortgage loan to finance the purchase...
Exercise 10-5 Ste. Anne Corp. obtained a 10-year, 5%, $136,000 mortgage loan to finance the purchase of a building at December 31, 2017. The terms provide for semi-annual instalment payments on June 30 and December 31. Your answer is correct. Record the obtaining of the mortgage payable on December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash 136000 2 T Mortgage...
Exercise 10-5 La Porte Company obtained a 10-year, 5%, $164,000 mortgage loan to finance the purchase...
Exercise 10-5 La Porte Company obtained a 10-year, 5%, $164,000 mortgage loan to finance the purchase of a warehouse at March 31, 2017. The terms provide for semi-annual instalment payments on September 30 and March 31 Record the obtaining of the mortgage payable on March 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit Credit Mar. 31 SHOW LIST OF ACCOUNTS LINK TO TЕXT Record the...
Cullumber Company receives $ 385,000 when it issues a $ 385,000, 8%, mortgage note payable to finance...
Cullumber Company receives $ 385,000 when it issues a $ 385,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $ 44,979 on December 31. Prepare an amortization schedule of a mortgage note for two years. (Round answers to 0 decimal places, e.g. 5,275.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date $ enter a dollar amount rounded to 0 decimal...
Revesz Inc. signs a 10-year, 4%, $324,000 mortgage payable on November 30, 2017, to obtain financing...
Revesz Inc. signs a 10-year, 4%, $324,000 mortgage payable on November 30, 2017, to obtain financing for a new machinery. The terms provide for payments at the end of each month. Prepare the entries to record the mortgage on November 30, 2017, and the first two payments on December 31, 2017, and January 31, 2018, assuming the payment is (a) a fixed principal payment of $2,700, plus interest, and (b) a blended principal and interest payment of $3,280. (Credit account...
Exercise 10-5 La Porte Company obtained a 10-year, 5 % , $187 ,000 mortgage loan to...
Exercise 10-5 La Porte Company obtained a 10-year, 5 % , $187 ,000 mortgage loan to finance the purchase of a warehouse at March 31, 2017. The terms provide for semi-annual instalment payments on September 30 and March 31. Record the obtaining of the mortgage payable on March 31, 2017. (Credit account titles are automatically indented when the amount entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 SHOW IIST OF ACCOUNTS LINK TO TEX...
On January 1, 2020 a company takes out a 5-year mortgage on a
new property in the amount of $511,000 at an annual interest rate
of 6%. There will be a fixed monthly payment payable at the end of
each month that will include both interest and principal. The fixed
monthly payment payable is $9,879.06.
We were unable to transcribe this imageWe were unable to transcribe this image(b) Record the journal entries for the first 2 months' payments. (Round answers...
On January 1, 2020 a company takes out a 5-year mortgage on a new property in the amount of $503,000 at an annual interest rate of 6%. There will be a fixed monthly payment payable at the end of each month that will include both interest and principal. The fixed monthly payment payable is $9,724.40. (a) Calculate the amount of interest and principal for the first month's payment. (Round answers to 2 decimal places, e.g. 15.25.) Interest $ Principal $
On January 1, 2020 a company takes out a 5-year mortgage on a new property in the amount of $511,000 at an annual interest rate of 6%. There will be a fixed monthly payment payable at the end of each month that will include both interest and principal. The fixed monthly payment payable is $9,879.06. (a) Calculate the amount of interest and principal for the first month's payment. (Round answers to 2 decimal places, e.g. 15.25.) Interests Principals
Cullumber Company receives S385,000 when it issues a $385,000, 5%, mortgage note payable to finance the construction of a building at December 31, 2017·The terms provide for annual istallment payments of $37,092 on December 31. Prepare an amortization schedule of a mortgage note for two years. (Round answers to 0 decimal places, e.g. 5,275.) Annual Interest Period Paymentxpenseof Principal Balance Cash Interest Principal Issue date 12/31/18 12/31/19 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO SKILAR EXERCİSE Prepare the journal...
Application Problem 10-13 b A company takes out a four-year, $880,000 mortgage on May 1. The interest rate on the loan is 4% per year, and blended payments of $19,870 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company: Payment 1 Payment 2 Payment 3 Payment 4 Beginning Loan Balance $880,000 863,063 846,070 829,020 Payment $19,870 19,870 19,870 19,870...
Exercise 10-5 Ste. Anne Corp. obtained a 10-year, 5%, $136,000 mortgage loan to finance the purchase of a building at December 31, 2017. The terms provide for semi-annual instalment payments on June 30 and December 31. Your answer is correct. Record the obtaining of the mortgage payable on December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 Cash 136000 2 T Mortgage...
Exercise 10-5 La Porte Company obtained a 10-year, 5%, $164,000 mortgage loan to finance the purchase of a warehouse at March 31, 2017. The terms provide for semi-annual instalment payments on September 30 and March 31 Record the obtaining of the mortgage payable on March 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit Credit Mar. 31 SHOW LIST OF ACCOUNTS LINK TO TЕXT Record the...
Revesz Inc. signs a 10-year, 4%, $324,000 mortgage payable on November 30, 2017, to obtain financing for a new machinery. The terms provide for payments at the end of each month. Prepare the entries to record the mortgage on November 30, 2017, and the first two payments on December 31, 2017, and January 31, 2018, assuming the payment is (a) a fixed principal payment of $2,700, plus interest, and (b) a blended principal and interest payment of $3,280. (Credit account...
Exercise 10-5 La Porte Company obtained a 10-year, 5 % , $187 ,000 mortgage loan to finance the purchase of a warehouse at March 31, 2017. The terms provide for semi-annual instalment payments on September 30 and March 31. Record the obtaining of the mortgage payable on March 31, 2017. (Credit account titles are automatically indented when the amount entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 31 SHOW IIST OF ACCOUNTS LINK TO TEX...
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