Answer please
Glen Pool Club, Inc., has a $300,000 mortgage liability. The mortgage is payable in monthly installments of $3000, which include interest computed at an annual rate of 12 percent.
Requirements
Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgage’s unpaid balance. (Round to the nearest dollar.)
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Glen Pool Club, Inc., has a $300,000 mortgage liability. The mortgage is payable in monthly installments...
Glen Pool Club, Inc., has a $300,000 mortgage liability. The mortgage is payable in monthly installments of $3000, which include interest computed at an annual rate of 12 percent. Requirements; Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgage’s unpaid balance. (Round to the nearest dollar.)
can someone please show me how this is done?? L010-4 EXERCISE 10.6 Use of an Amortization...
can someone please show me how this is done??
L010-4 EXERCISE 10.6 Use of an Amortization Table Glen Pool Club, Inc., has a $150,000 mortgage liability. The mortgage is payable in monthly installments of $1,543, which include interest computed at an annual rate of 12 percent (1 percent monthly). a. Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in...
Need answers Glen Pool Club, Inc., has a $150,000 mortgage liability. The mortgage is payable in...
Need answers
Glen Pool Club, Inc., has a $150,000 mortgage liability. The mortgage is payable in monthly tallments of $1,543, which include interest computed at an annual rate of 12 percent (1 percent monthly). a. Prepare a partial amortization table showing (1) the original balance of this loan, and (2) allocation of the first two monthly payments between interest expense and the reduction mortgage's unpaid balance. (Round to the nearest dollar.) and the eand (2) the b. Prepare the journal...
Glen Pool Club, Inc., has a $144,000 mortgage liability. The mortgage is payable in monthly installments...
Glen Pool Club, Inc., has a $144,000 mortgage liability. The
mortgage is payable in monthly installments of $1,481, which
include interest computed at an annual rate of 12 percent (1
percent monthly). a. Prepare a partial amortization table showing
(1) the original balance of this loan, and (2) the allocation of
the first two monthly payments between interest expense and the
reduction in the mortgage’s unpaid balance. b. Prepare the journal
entry to record the second monthly payment. c. Will...
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Business eu School Problem 2 (15 points) on October 2017. Seldon Company incurs a 30-year $2.400.000 mortgage liability in conjunction with the purchase of a hotel. This mortange is pavable in qual monthly installments of $24.687 which include interest computed at an annual rate of 12%. The first monthly payment is made on 30 November 2017. This mortgage is fully amortizing over 360 months. a. Complete the amortization table for the first four payments by entering the correct dollar amounts...
hool (15 points) On 31 October 2017, Seldon Company incurs a 30-year $2,400,000 mortgage liability in...
hool (15 points) On 31 October 2017, Seldon Company incurs a 30-year $2,400,000 mortgage liability in conjunction with the purchase of a hotel. This mortgage is payable in equal monthly installments of $24,687 which include interest computed at an annual rate of 12 %. The first monthly payment is made on 30o November 2017. This mortgage is fully amortizing over 360 months. Complete the amortization table for the first four payments by entering the correct dollar amounts in the blank...
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PROBLEM 10.4B Preparation and Use of an Amortization Table On October 1, 2018. Jenco signed a...
PROBLEM 10.4B Preparation and Use of an Amortization Table On October 1, 2018. Jenco signed a four-year, $100,000 note payable to Vicksburg State Bank in conjunction with the purchase of equipment. The note calls for interest at an annual rate of 12 percent (1 percent per month). The note is fully amortizing over a period of 48 months. The bank sent Jenco an amortization table showing the allocation of monthly payments between interest and principal over the life of the...
1010-4 PROBLEM 10.4B preparation and Use of an Amortization Table pays 16 percent interest instead of...
1010-4 PROBLEM 10.4B preparation and Use of an Amortization Table pays 16 percent interest instead of the 10 percent rate changeu On October 1, 2018, Jenco signed a four-year. $100.000 note payable to Vicksburg State Bank in conjunction with the purchase of equipment. The note calls for interest at an annual rate of 12 per- cent (1 percent per month). The note is fully amortizing over a period of 48 months. The bank sent Jenco an amortization table showine the...
On December 1, 2018, Driscoll, Inc. signed a 20 year mortgage in the amount of $300,000...
On December 1, 2018, Driscoll, Inc. signed a 20 year mortgage in the amount of $300,000 in conjunction with the purchase of an office building. This note is payable in equal monthly installments of $1,980 which include interest computed at an annual rate of 5%. The first annual payment is made on December 31, 2018. Prepare an amortization table for the first two payments. How much of the first payment made on December 31, 2018, is allocated to repayment of...
can someone please show me how this is done??
L010-4 EXERCISE 10.6 Use of an Amortization Table Glen Pool Club, Inc., has a $150,000 mortgage liability. The mortgage is payable in monthly installments of $1,543, which include interest computed at an annual rate of 12 percent (1 percent monthly). a. Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in...
Need answers
Glen Pool Club, Inc., has a $150,000 mortgage liability. The mortgage is payable in monthly tallments of $1,543, which include interest computed at an annual rate of 12 percent (1 percent monthly). a. Prepare a partial amortization table showing (1) the original balance of this loan, and (2) allocation of the first two monthly payments between interest expense and the reduction mortgage's unpaid balance. (Round to the nearest dollar.) and the eand (2) the b. Prepare the journal...
Glen Pool Club, Inc., has a $144,000 mortgage liability. The
mortgage is payable in monthly installments of $1,481, which
include interest computed at an annual rate of 12 percent (1
percent monthly). a. Prepare a partial amortization table showing
(1) the original balance of this loan, and (2) the allocation of
the first two monthly payments between interest expense and the
reduction in the mortgage’s unpaid balance. b. Prepare the journal
entry to record the second monthly payment. c. Will...
Business eu School Problem 2 (15 points) on October 2017. Seldon Company incurs a 30-year $2.400.000 mortgage liability in conjunction with the purchase of a hotel. This mortange is pavable in qual monthly installments of $24.687 which include interest computed at an annual rate of 12%. The first monthly payment is made on 30 November 2017. This mortgage is fully amortizing over 360 months. a. Complete the amortization table for the first four payments by entering the correct dollar amounts...
hool (15 points) On 31 October 2017, Seldon Company incurs a 30-year $2,400,000 mortgage liability in conjunction with the purchase of a hotel. This mortgage is payable in equal monthly installments of $24,687 which include interest computed at an annual rate of 12 %. The first monthly payment is made on 30o November 2017. This mortgage is fully amortizing over 360 months. Complete the amortization table for the first four payments by entering the correct dollar amounts in the blank...
PROBLEM 10.4B Preparation and Use of an Amortization Table On October 1, 2018. Jenco signed a four-year, $100,000 note payable to Vicksburg State Bank in conjunction with the purchase of equipment. The note calls for interest at an annual rate of 12 percent (1 percent per month). The note is fully amortizing over a period of 48 months. The bank sent Jenco an amortization table showing the allocation of monthly payments between interest and principal over the life of the...
1010-4 PROBLEM 10.4B preparation and Use of an Amortization Table pays 16 percent interest instead of the 10 percent rate changeu On October 1, 2018, Jenco signed a four-year. $100.000 note payable to Vicksburg State Bank in conjunction with the purchase of equipment. The note calls for interest at an annual rate of 12 per- cent (1 percent per month). The note is fully amortizing over a period of 48 months. The bank sent Jenco an amortization table showine the...
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