Journal Entry-1 | |||
Date | Journal General | Debit | Credit |
$43,466.00 | Building | $475,000.00 | |
Land | $175,000.00 | ||
Mortgage Payable | $650,000.00 | ||
TO Record Purchase Land & Building agst issuance of Mortgage Payable | |||
Journal Entry-3 | |||
Date | Journal General | Debit | Credit |
31-Jan-2016 | Mortgage PAyable | $2,270.19 | |
Interest Expense | $3,166.67 | ||
Cash | $5,436.86 | ||
TO Record monthly payment made | |||
Journal Entry-3 | |||
Date | Journal General | Debit | Credit |
29 Feb 2016 | Mortgage PAyable | $2,285.33 | |
Interest Expense | $3,151.53 | ||
Cash | $5,436.86 | ||
TO Record monthly payment made | |||
Amrtization Schedule | |||||
Date | Opening Balance | Principal | Interest | Payment made | Ending Bal |
1-Jan | $475,000.00 | ||||
31-Jan | $475,000.00 | $2,270.19 | $3,166.67 | $5,436.86 | $472,729.81 |
(5436.86-3166.67) | (475000*8%)/12) | ||||
29-Feb | $472,729.81 | $2,285.33 | $3,151.53 | $5,436.86 | $470,444.48 |
(5436.86-3151.53 | (472729.81*8%)/12) |
Kahl Company purchased a building and land with a fair market value of $650,000 (building, $475,000 and land, $175,000)...
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