Could u help!! Expanding Corporation financed a $500,000 expansion by mortgaging their head office building for seven years. They negotiated a rate of 5% per annum. They will make equal annual payments at the end of the year.Note: if needed, complete the amortization table for the mortgage using the effective interest methodHow much is the interest expense in Year 3?Multiple ChoiceOONone of the other alternatives are correct$24,954$9,960$13,072$19,181

The effective interest rate to the financial instrument's carrying amount at the start of the…

Expanding Corporation financed a $500,000 expansion by mortgaging their head office building for seven years. They negotiated a rate of 5% per annum. They will mall Note: if needed, complete the amortization table for the mortgage using the effective interest method How much is the interest expense in Year 3?

Expanding Corporation financed a $500,000 expansion by mortgaging their head office building for seven years. They negotiated a rate of 5% per annum. They will mall Note: if needed, complete the amortization table for the mortgage using the effective interest method How much is the interest expense in Year 3?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...

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Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest rate was 4% compounded annually. Halep Inc. will make payments of $8,264.70 at the end of each year. Prepare an amortization table showing the principal and interest in each payment.
Island News purchased a piece of property for $1.17 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 3.27 percent, compounded monthly. What is the amount of each mortgage payment? (Do not round intermediate calculations and round your answer to 2 decimal places)
Murray Countertops borrowed $6500 at an annual rate of 8% to buy a used forklift. Murray amortized the loan in 4 annual payments Prepare an amortization schedule, using the amortization table, for the loan and use it to answer the questions. Click here to view page 1 of the Amortization Table. Click here to view page 2 of the Amortization Table. The amount of interest for the first payment period is $ 520 (Round to the nearost cent as needed) The portion of the second payment that is applied to reduction of the principal is $
Falk Enterprises borrowed $8,500 at 6.25% compounded semiannually to purchase a new forklift. The loan agreement stipulates regular semiannual payments of $1,576 (except for a smaller final payment) be made over the next three years. Prepare the full amortization schedule for the loan. Calculate the total interest paid. (Round your Intermedlate calculations and final answers to 2 declmal places. Leeve no cells blank - be certaln to enter "0" wherever required.) Payment number Interest portion $ Principal portion $ Principal balance $ 8,500.00 Payment $ nts 1. eBook 4. Print Total: References Mc Graw Hill connect W
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On 1/1/01, The Silence, LLC entered a mortgage in order to purchase new facilities. Assuming the interest rate was 5%, number of monthly payments was for 10 years, and the total purchase price of the facilities was $1,000,000 - prepare the amortization schedule for The Silence. Prepare the Journal Entry for the issuance and the 3rd installment payment After 7 years, The Silence decided to pay the remaining balance off, record the entry.
Please answwer the 3 because they are related... Construct an amortization schedule for a $1,000, 5% annual rate loan with 3 equal payments. The first payment will be made at the end of the1st year. Find the required annual payments $355.8 $367.2 $388.0 $390.7 Based on the information from Question 35, what’s the ending balance of the amortized loan at the end of the third year $0 $349.7 $388.3 $682.8 Based on the information from Question 35 and 36, calculate the total amount of interests you should pay for the amortized loan in three years. $28.8 $55.4 $80.0 $101.6
A 30-year, $425,000 mortgage at 1.90% compounded annually was settled with quarterly payments. a. What is the size of the quarterly payments? (Round to the nearest cent) b. How much will the amortization period be shortened by if weekly payments of $675 are made instead of the quarterly payments? ___years ____months (Express the answer in years and months, rounded to the next payment period) c. How much interest will be saved if the weekly payments of $675 are made instead of the quarterly payments? (Round to the nearest cent) ANSWER ONLY IF YOU ARE CONFIDENT. Please please answer all three subparts.
1. On January 1, 2023, Malone purchased a building with a $200,000 10 year zero interest note. The normal borrowing rate for Malone is 10%. (you will need to use TVM and an amortization table) A. Compute the present value and prepare an amortization table. B. Record the necessary journal entries at 1/1/23, 12/31/23 and 12/31/24 using the effective interest method. C. Show the financial statement presentation of the note on the I/S and B/S at 12/31/23 and 12/31/24. 2. On October 1, 2023, Malone borrowed $50,000 by issuing a 11 month, 9% note. Interest will be paid at maturity. (you do NOT need to use TVM or an amortization table) A. Record the journal entries at 10/1/23, 12/31/23 and maturity. B. Show the financial statement presentation of the note on the I/S and B/S at 12/31/23 and 12/31/24. 3. During 2023 Jones sells products that carry a three-year manufacturer’s warranty. Jones sold 2,000 units this year for $2,000 each. For this year’s sales, Jones estimates the warranty costs to…