On January 1, 2016, Bratios Company purchased equipment and signed a six-year mortgage note for $80,000...
On January 1, 2016, Bratios Company purchased equipment and signed a six-year mortgage note for $80,000 at 15%. The note will be paid in equal annual installments of $21,139, beginning January 1, 2017. On January 1, 2017, the journal entry to record the first installment payment will include a ________. (Round your answer to the nearest whole number.)
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On January 1, 2016, Bratios Company purchased equipment and
signed a six-year mortgage note for $80,000...
On January 1, 2018, Allgood Company purchased equipment and signed a six - year mortgage note...
On January 1, 2018, Allgood Company purchased equipment and signed a six - year mortgage note for $80,000 at 15%. The note will be paid in equal annual installments of $21,139, beginning January 1, 2019. Calculate the portion of interest expense paid on the third installment. (Round your answer to the nearest whole number.) O A. $9,053 O B. $12,000 O C. $70,861 O D. $21,139
14./15. On January 1, 2018, Allgood Company purchased equipment and signed a six-year mortgage note for...
14./15.
On January 1, 2018, Allgood Company purchased equipment and signed a six-year mortgage note for $80,000 at 15%. The note will be paid in equal annual installments of $21,139, beginning January 1, 2019. Calculate the portion of interest expense paid on the third installment. (Round your answer to the nearest whole number.) O A. $21,139 OB. $70,861 O c. $9,053 OD. $12,000 On January 1, 2018, Westside Sales issued $15,000 in bonds for $16,800. These are eight-year bonds with...
Question 4 4 pts On January 1, 2018, a company purchased office furniture and signed a...
Question 4 4 pts On January 1, 2018, a company purchased office furniture and signed a 6 year mortgage note for $50,000 at 15%. The note will be paid in equal installments of $13,500 beginning January 1, 2019. Calculate the balance in the Mortgage Payable account after the payment of the first installment. $13,500 $42,500 $44,000 $36,500
Linus Company signed an installments note with Peanuts Bank on January 2, 2018. The note for...
Linus Company signed an installments note with Peanuts Bank on January 2, 2018. The note for $350,000. The first annual payment on December 31, 2018 was $58,755. Of which $28,000 was for interest and the balance was applied to the principal. A. Prepare the January 1, 2018 Journal entry to record the issuance of the note B. Prepare the December 31. 2018 Journal Entry to record the first note payment.
Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term note,...
Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term note, face amount $90,000 with time to maturity of 6 years. The interest rate is 79 and equal annual installment payments will pay off the loan after six years. a. How much is each annual installment payment? • Note: Do not use a negative sign with your answer. • Note: Round your answer to the nearest whole dollar. $ 32,131 b. Record the first installment...
Knowledge Check 01 On January 1 Year 1. Luring Company purchased equipment and agreed to make...
Knowledge Check 01 On January 1 Year 1. Luring Company purchased equipment and agreed to make a $10.000 cash payment on December 31, Year 5. At an interest rate of 12%, how much will the company need to deposit today to make the required cash payment on December 31, Year 5? Use Table E1. (Round your answer to 2 decimal places.) Present value S 5674 30 Knowledge Check 01 On January 1, Year 1. Barrett, Inc. purchased equipment and signed...
On January 1, 2016, Alpha Company secured a S100.000, 6% annual rate mortgage note. Monthly payments...
On January 1, 2016, Alpha Company secured a S100.000, 6% annual rate mortgage note. Monthly payments are $1,500, with the first payment being due on January 31 2016, what is the unpaid balance of the note on March 1, 2016? (Round your answer to the nearest whole dollar.)
On January 1, 2021,Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring...
On January 1, 2021,Glanville Company sold goods to Otter Corporation. Otter signed an installment note requiring payment of $20,000 annually for six years. The first payment was made on January 1, 2016. The prevailing rate of interest for this type of note at date of issuance was 8%. Glanville should record sales revenue in January 2021of:
Little Company borrowed $48,000 from Sockets on January 1, 2018, and signed a three-year, 6% installment...
Little Company borrowed $48,000 from Sockets on January 1, 2018, and signed a three-year, 6% installment note to be paid in three equal payments at the end of each year. The present value of an ordinary annuity of $1 for 3 periods at 6% is 2.67301. Required: 1. Prepare the journal entry on January 1, 2018, for Sockets’ lending the funds. 2. Calculate the amount of one installment payment. 3. Prepare an amortization schedule for the three-year term of the...
Mike Williams Inc. signed a 4-year, installment note payable with Buffalo Bank. The note was for...
Mike Williams Inc. signed a 4-year, installment note payable with Buffalo Bank. The note was for $100,000, 12% annual interest (1% per month), with monthly payments of $2,633 (for both principle and interest). The journal entry for the third payment of $2,633 would include (to the nearest whole dollar)
On January 1, 2018, Allgood Company purchased equipment and signed a six - year mortgage note for $80,000 at 15%. The note will be paid in equal annual installments of $21,139, beginning January 1, 2019. Calculate the portion of interest expense paid on the third installment. (Round your answer to the nearest whole number.) O A. $9,053 O B. $12,000 O C. $70,861 O D. $21,139
14./15.
On January 1, 2018, Allgood Company purchased equipment and signed a six-year mortgage note for $80,000 at 15%. The note will be paid in equal annual installments of $21,139, beginning January 1, 2019. Calculate the portion of interest expense paid on the third installment. (Round your answer to the nearest whole number.) O A. $21,139 OB. $70,861 O c. $9,053 OD. $12,000 On January 1, 2018, Westside Sales issued $15,000 in bonds for $16,800. These are eight-year bonds with...
Question 4 4 pts On January 1, 2018, a company purchased office furniture and signed a 6 year mortgage note for $50,000 at 15%. The note will be paid in equal installments of $13,500 beginning January 1, 2019. Calculate the balance in the Mortgage Payable account after the payment of the first installment. $13,500 $42,500 $44,000 $36,500
Computing Installment Payment on Note Payable On January 1, 2020, a borrower signed a long-term note, face amount $90,000 with time to maturity of 6 years. The interest rate is 79 and equal annual installment payments will pay off the loan after six years. a. How much is each annual installment payment? • Note: Do not use a negative sign with your answer. • Note: Round your answer to the nearest whole dollar. $ 32,131 b. Record the first installment...
Knowledge Check 01 On January 1 Year 1. Luring Company purchased equipment and agreed to make a $10.000 cash payment on December 31, Year 5. At an interest rate of 12%, how much will the company need to deposit today to make the required cash payment on December 31, Year 5? Use Table E1. (Round your answer to 2 decimal places.) Present value S 5674 30 Knowledge Check 01 On January 1, Year 1. Barrett, Inc. purchased equipment and signed...
On January 1, 2016, Alpha Company secured a S100.000, 6% annual rate mortgage note. Monthly payments are $1,500, with the first payment being due on January 31 2016, what is the unpaid balance of the note on March 1, 2016? (Round your answer to the nearest whole dollar.)
Mike Williams Inc. signed a 4-year, installment note payable with Buffalo Bank. The note was for $100,000, 12% annual interest (1% per month), with monthly payments of $2,633 (for both principle and interest). The journal entry for the third payment of $2,633 would include (to the nearest whole dollar)
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