On January 1, 2021, Gundy Enterprises purchases an office building for $173,000, paying $43,000 down and borrowing the remaining $130,000, signing a 9%, 10-year mortgage. Installment payments of $1,646.79 are due at the end of each month, with the first payment due on January 31, 2021.
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answer?![Required information [The following information applies to the questions displayed below.] On January 1, 2021, Gundy Enterpri](http://img.homeworklib.com/questions/8dc9ab80-1ee9-11ea-9a52-596361b08c6b.png?x-oss-process=image/resize,w_560)
Homework Answers
Answer
- Requirement 2
|
Date |
Cash Paid |
Interest Expense |
Decrease in Carrying Value |
Carrying Value |
|
01-Jan-21 |
$130,000.00 |
|||
|
31-Jan-21 |
$1,646.79 |
$975.00 |
$671.79 |
$129,328.21 |
|
28-Feb-21 |
$1,646.79 |
$969.96 |
$676.83 |
$128,651.38 |
--Working
|
Date |
Cash Paid |
Interest Expense |
Decrease in Carrying Value |
Carrying Value |
|
01-Jan-21 |
130000 |
|||
|
31-Jan-21 |
1646.79 |
=130000*9%*1/12 |
=1646.79-975 |
=130000-671.79 |
|
28-Feb-21 |
1646.79 |
=129328.21*9%*1/12 |
=1646.79-969.96 |
=129328.21-676.83 |
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are dhe at the end kf each month, with the first payment due on
January 31, 2018.
equired: Record the purchase of the building on January 1, 2018. (If no entry is required for a transaction/event, sele View transaction list Journal entry worksheet Record the purchase of the building Note: Enter...
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