Date |
Accounts |
Debit($) |
Credit($) |
2016 |
Building |
450,000 |
|
Jan 1 |
Land |
150,000 |
|
Mortgage Payable |
600,000 |
||
(Record of Mortgage Payable on Building and Land) |
|||
Jan 31 |
Interest Expense |
137.20 |
|
Mortgage Payable |
6,500 |
||
Cash |
6,637.20 |
||
(Record of First Payment on Mortgage Payable) |
|||
Feb 29 |
Interest Expense |
138.69 |
|
Mortgage Payable |
6,498.51 |
||
Cash |
6,637.20 |
||
(Record of Second Payment on Mortgage Payable) |
Date |
Beginning Balance |
Principal Payment |
Interest Expense |
Total Payment |
Ending Balance |
1/1/2016 |
$ 600,000 |
||||
1/31/2016 |
$ 600,000 |
$ 137.20 |
$ 6,500 |
$ 6,637.20 |
599,862.80 |
2/29/2016 |
599,862.80 |
138.69 |
6,498.51 |
6,637.20 |
599,724.11 |
Homework: Week Seven: Chapter 11: Exercises Save ourse Home Score: 0.21 of 1 pt 5 of...
k Company purchased a building and land with a fair market value of 425,000(building, 275,00 and land 150,000, ) on January 1, 2016. signed a -year, 9% mortgage payable. will make monthly payments of 3,419.65 . Requirements 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2016(round to two decimal places). 4. Journalize the second payment on February 29, 2016 (round to two decimal places).
how
do I calculate mortgage payable?
Sav Homework: chapter 1 Score: 0 of 1 pt 8 of 14 (7 complete HW Score: 50%, 7 of 14 Question 8, S12-2 (similar to) Question Help Ela Company purchased a building with a market value of $305,000 and land with a market value of $25,000 on January 1, 2018. Ella Company paid $15,000 cash and signed a 15-year, 12% mortgage payable for the balance. Requirements 1. Journalize the January 1, 2018, purchase. 2....
Kaman Company purchased a building and land with a fair market value of $575,000 (building, $300,000 and land, $275,000) on January 1, 2018. Kaman signed a 25-year, 15% mortgage payable. Kaman will make monthly payments of $7,364.78. Round to two decimal places. Explanations are not required for journal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 Jan....
El journalize i liabilities on December 31, 20109 U Proxluctions tocal n zation method E14-19 Preparing Learning Objective 1 rest rate is 6%, Benson Realty the bonds pay interest semiannually ing an amortization schedule and recording mortgages payable entries Company purchased a building and land with a fair market Kellerman Company P of en on building, $425,000, and land, $125,000) on January 1, 2018. Kellerman ada 20-year, 6% mortgage payable. Kellerman will make monthly payments of 1040 37. Round to...
Kahl Company purchased a building and land with a fair market value of $650,000 (building, $475,000 and land, $175,000) on January 1, 2018. Kahl signed a 20-year, 8% mortgage payable. Kahl will make monthly payments of $5,436.86 Round to two decimal places. Explanations are not required for journal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 A...
Please answer all parts!
Keel Company purchased a building and land with a fair market value of $650,000 (building, $500,000 and land, $150,000) on January 1, 2018. Keel signed a 20-year, 8% mortgage payable. Keel will make monthly payments of $5,436.86. Round to two decimal places. Explanations are not required for journal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts...
Kaler Company purchased a building and land with a fair market value of $575,000 (building, $325,000 and land, $250,000) on January 1, 2018. Kaler signed a 25-year, 15% mortgage payable. Kaler will make monthly payments of $7,364.78. Round to two decimal places. Explanations are not required for journal entries. Read the requirements then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 Building 325,000.00 Jan. 1 Land 250,000.00 Mortgage Payable 575,000.00 Requirement 2. Prepare an amortization schedule...
5 of 5 (0 complete) HW Score: 0%, 0 of 121 pt Score: 0 of 50 pts P12-35A (similar to) Question Help On January 1, 2018, Agricultural Credit Union (ACU) issued 8%, 20-year bonds payable with face value of $600,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is 104. Journalize the following bond transactions (Click the icon to view the bond transactions.) (Assume bonds payable are amortized using the straight-line amortization...
Homework: HW #7 Say Score: 0 of 1 pt 1 of 8 (0 complete) HW Score: 0%, 0 of 10 p S7-2 (similar to) Question Help Solar Energy Consulting pays $310,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of 5170,000, the building's current market value is $34,000, and the equipment's current market value is $136,000. Prepare a schedule allocating the purchase price of $310,000 to each...