Tt.8. E(b)Your answer is partially correct.Prepare the journal entry related to the notes payable for December 31, 2022. (Credit account titles are automatically indented whenamount is entered. Do not indent manually. Record journal entries in the order presented in the problem)Account Titles and ExplanationDateDec. 31,2021interest ExpenseNotes PayableCurrent LiabilitiesCashLong-term LiabilitiesDebitCulverBalance Sheet29,25054,305Show the balance sheet presentation for this obligation for December 31, 2022. (Hint: Be sure to distinguish between the currentand long-term portions of the note.) (Enter account name only and do not provide descriptive information)Credit83555 Culver purchased a new piece of equipment to be used in its new facility. The $378,000 piece of equipment was purchased with a$53,000 down payment and with cash received through the issuance of a $325,000, 9%, 5-year mortgage payable issued on January 1,2022. The terms provide for annual installment payments of $83,555 on December 31.(a)Prepare an installment payments schedule for the five payments of the notes payable. (Round answers to O decimal places, e.g.15,250.)AnnualInterestPeriodIssueDate1Your answer is correct.23لیاCash Payment83,55583,55583,555$Interest Expense29,25024,36319,035Reduction of Principal54,30559.19264,520Principal Bal.III

Annual interest PeriodCash PaymentInterest ExpenseReduction of PrincipalPrincipal Balance(A)(B)…

Culver purchased a new piece of equipment to be used in its new facility. The $378,000 piece of equipment was purchased with a $53,000 down payment and with cash received through the issuance of a $325,000, 9%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $83,555 on December 31. (a) Prepare an installment payments schedule for the five payments of the notes payable. (Round answers to 0 decimal places, e.g. 15,250.) Your answer is correct. Annual Interest Period Issue Date 1 2 Cash Payment 83,555 83.555 83,555 Interest Expense 29,250 24,363 19,035 Reduction of Principal 54,305 59,192 64,520 Principal Bal

Culver purchased a new piece of equipment to be used in its new facility. The $378,000 piece of equipment was purchased with a $53,000 down payment and with cash received through the issuance of a $325,000, 9%, 5-year mortgage payable issued on January 1, 2022. The terms provide for annual installment payments of $83,555 on December 31. (a) Prepare an installment payments schedule for the five payments of the notes payable. (Round answers to 0 decimal places, e.g. 15,250.) Your answer is correct. Annual Interest Period Issue Date 1 2 Cash Payment 83,555 83.555 83,555 Interest Expense 29,250 24,363 19,035 Reduction of Principal 54,305 59,192 64,520 Principal Bal

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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