Date | Accounts | Debit | Credit |
December 31, 2017 | Cash | $9,000,000 | |
Notes Payable | $9,000,000 | ||
December 31, 2018 | Interest Expense (9,000,000*5%*1) | 450000 | |
Notes Payable (722183-450000) | 272183 | ||
Cash | 722183 | ||
Exercise 4- (8 points) Eve Corporation issues a $9.000.000. 5. 20-year morate pote payable on December...
Sergei Corporation issues a $2,000, 000, 5%, 10- year mortgage note payable on December 31, 2020, to obtain needed financing for the construction of a building addition. The terms provide for semi-annual installment payments of $147,164 on June 30 and December 31 Prepare the journal entries to: 1) record the mortgage loan on December 31, 2020, and 2) the first installment payment on June 30, 2021 Instructions:
Brief Exercise 15-07 Wildhorse Inc. issues an $700,000, 20%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $150,000. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles...
Cullumber Company receives S385,000 when it issues a $385,000, 5%, mortgage note payable to finance the construction of a building at December 31, 2017·The terms provide for annual istallment payments of $37,092 on December 31. Prepare an amortization schedule of a mortgage note for two years. (Round answers to 0 decimal places, e.g. 5,275.) Annual Interest Period Paymentxpenseof Principal Balance Cash Interest Principal Issue date 12/31/18 12/31/19 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO SKILAR EXERCİSE Prepare the journal...
Oriole Inc. issues a $396.000, 10-year, 6% mortgage note payable on November 30, 2021. to obtain financing for a new building. The terms provide for monthly installment payments.Prepare the journal entries to record the mortgage loan on November 30, 2021, and the first two payments on December 31. 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $3,300.
Exercise 10-24 Cullumber Company receives $385,000 when it issues a $385,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $39,641 on December 31.
On December 31, 2019, ABC Corporation purchased a building costing $500,000, signing a 8%, 5 year mortgage note payable on December 31, 2019. Five ANNUAL payments will be made each year to pay back the mortgage beginning on December 31, 2020. What is the annual installment payment required at a 10% rate? Give the general journal entry to record the purchase of the building Prepare an effective interest amortization table for the five years Give the general journal entries to...
Larkspur, Inc. issues an $740,000, 15%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for annual installment payments of $147,447. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Debit...
Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide forsemiannual installment payments of $20,000 on June 30 and December 31.Prepare the journal entries to record the mortgage loan and the first two installment payments. (For multiple debit/credit entries, list amounts from largest tosmallest e.g. 10, 5, 3, 2.)
CALCULATOR FULL SCREEN PRINTER VERSION BACK M E Brief Exercise 10-14 Windsor, Inc. issues an $735,000, 8%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for annual installment payments of $109,537. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the...
Sheridan Company receives $276,000 when it issues a $276,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $46,000 on December 31. Prepare an amortization schedule of a mortgage note for two years. Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date $ 12/31/23 12/31/24 Prepare the journal entry to record the mortgage loan. (Credit account titles are automatically indented when...