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- Blossom Company receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $40,000 on December 31. Prepare an amortization schedule of a mortgage note for two years. Prepare the journal entry to record the mortgage loan. Prepare the journal entries to record the first two installment payments.Lisa Ehrlich Inc. issues a $1,300,000, 8%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $251,118. Instructions Prepare the entry to record the mortgage loan on December 31, 2022 Prepare entries to record the first and second installment payments on December 31, 2023 and 2024. Calculate the principal balance on December 31, 2024 after the installment payment is made.Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $130,196.Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. what is the account title or explanation? what is debit or credited ?
- Marigold Corp. purchased a building on January 2 by signing a long-term $624000 mortgage with monthly payments of $5950. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be $623250. $618050. $618800. $624000.Crane Company purchased a building on January 2 by signing a long-term $3288000 mortgage with monthly payments of $30200. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be $3288000. $3257800. $3260600. $3285200.On September 1, 2023, Tipton Enterprises borrowed $400,000 on a mortgage to purchase land and a building. The land and building are pledged as collateral on the mortgage, which has an interest rate of 12%, compounded monthly. Payments of $4,700 are made at the end of each month, beginning on September 30, 2023. Calculate the balance in the Mortgage Payable account after the October 31 payment: $
- Novak Corp. receives $375,600 when it issues a $375,600, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $62,600 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments.Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,675. Payments are due on December 31. Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 15,250. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date…Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,675. Payments are due on December 31. Show how the total mortgage liability should be reported on the balance sheet at December 31, 2022. (Enter account name only and do not provide descriptive information. Round answers to 0 decimal places, e.g. 15,250.) Cullumber ElectronicsBalance Sheet (Partial)choose the accounting period select an opening name for section one enter a balance sheet item $enter a dollar amount select an opening name for section two…
- Debit Credit General Journal Date January 31, 2021 Interest Expense Clear entry View general journal Record entry 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.) Reducing the Carrying Value Interest Expense First paymentOn January 1 2021 Gundy Enterprises purchases an office building for $ 184,000 , paying $ 44.000 down and borrowing the remaining , signing a 7 % , 10 - year mortgage . Installment payments of are due at the end of each month , with the first payment due on January 31 , 2021 \$140,000 \$1,625.52 \$195,062(\$1,625.52*120 monthly payments ) . How much of this is interest expense 4. Total payments over the 10 years are and how much is actual payment of the loan ?Required information [The following information applies to the questions displayed below.] On January 1, 2024, Bloomfield Enterprises purchases a building for $327,000, paying $57,000 down and borrowing the remaining $270,000, signing a 7%, 10-year mortgage. Installment payments of $3,134.93 are due at the end of each month, with the first payment due on January 31, 2024. 3-a. Record the first monthly mortgage payment on January 31, 2024. 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3a Req 3b Record the first monthly mortgage payment on January 31, 2024. (If no entry is required for select "No Journal Entry Required" in the first account field. Do not round intermediate calcul to 2 decimal places.) No Date General Journal 1 January 31, 2024 Interest Expense Notes Payable Cash Debit 1,559.93( 1,575.00