Problem

On December 1, 2009, Fisher Corporation incurs a 30-year, $400,000 mortgage liability upon...

On December 1, 2009, Fisher Corporation incurs a 30-year, $400,000 mortgage liability upon purchase of a warehouse. This mortgage is payable in monthly installments of $4,116, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, 2009.

What is the total liability related to this mortgage to be reported in Fisher’s balance sheet at December 31, 2009?  (Do not separate into current and long‑term portions.)

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Solutions For Problems in Chapter 10