On January 1, 2021, Stoops Entertainment purchases a building for $580,000, paying $110,000 down and borrowing the remaining $470,000, signing a 9%, 15-year mortgage. Installment payments of $4,767.05 are due at the end of each month, with the first payment due on January 31, 2021. Total payments over the 15 years are $858,069 ($4,767.05 x 180 monthly payments). How much of this is interest expense and how uch is actual payment of the loan? terest expense tual payments on the loan
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- Required information [The following information applies to the questions displayed below.] On January 1, 2021, Gundy Enterprises purchases an office building for $261,000, paying $51,000 down and borrowing the remaining $210,000, signing a 7%, 10-year mortgage. Installment payments of $2,438.28 are due at the end of each month, with the first payment due on January 31, 2021. 4. Total payments over the 10 years are $292,594 ($2,438.28 × 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Interest expense Actual payments on the loan[The following information applies to the questions displayed below] On January 1, 2021, Gundy Enterprises purchases an office building for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%, 10-year mortgage. Installment payments of $1,455.93 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1. Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the purchase of the building.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
- Required information [The following information applies to the questions displayed below.] On January 1, 2024, Howell Enterprises purchases a building for $217,000, paying $47,000 down and borrowing the remaining $170,000, signing a 7%, 10-year mortgage. Installment payments of $1,973.84 are due at the end of each month, with the first payment due on January 31, 2024. 4. Total payments over the 10 years are $236,861 ($1,973.84 x 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan? (Round your final answers to the nearest whole dollar amount.) Interest expense Actual payments on the loan! Required information [The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $580,000, paying $110.000 down and borrowing the remaining $470,000, signing a 9%, 15-year mortgage. Installment payments of $4,767.05 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1. Record the purchase of the building on January 1, 2021. (f no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Date General Journal Debit Credit 1 January 01, 2021 Interest Expense 3,525 x Notes Payable 1,242 X Cash 4,767 XRequired information [The following information applies to the questions displayed below.] On January 1, 2024, Howell Enterprises purchases a building for $250,000, paying $50,000 down and borrowing the remaining $200,000, signing a 8%, 10-year mortgage. Installment payments of $2,426.55 are due at the end of each month, with the first payment due on January 31, 2024. 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Date 1/1/2024 1/31/2024 2/29/2024 Cash Paid Interest Expense Change in Carrying Value Carrying Value
- [The following information applies to the questions displayed below] On January 1, 2021, Gundy Enterprises purchases an office building for $162,000, paying $42,000 down and borrowing the remaining $120,000, signing a 8%, 10-year mortgage Installment payments of $1,455.93 are due at the end of each month, with the first payment due on January 31, 2021. 3-a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet Record the first monthly mortgage payment.[The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $580,000, paying $110,000 down and borrowing the remaining $470,000, signing a 9%, 15-year mortgage. Installment payments of $4,767.05 are due at the end of each month, with the first payment due on January 31, 2021. 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Decrease in Carrying Value Date Cash Paid Interest Expense Carrying Value 01/01/2021 01/31/2021 02/28/2021Required information [The following information applies to the questions displayed below.] On January 1, 2024, Gundy Enterprises purchases an office building for $360,000, paying $60,000 down and borrowing the remaining $300,000, signing a 7%, 10-year mortgage. Installment payments of $3,483.25 are due at the end of each month, with the first payment due on January 31, 2024. 2. Complete the first three rows of an amortization schedule. Note: Do not round intermediate calculations. Round your final answers Date 1/1/2024 1/31/2024 2/29/2024 Cash Paid Interest Expense Change in Carrying Value 2 decimal places. Carrying Value
- On January 1, 2021, Stoops Entertainment purchases a building for $550,000, paying $110,000 down and borrowing the remaining $440,000, signing a 9%, 15-year mortgage. Installment payments of $4,462.77 are due at the end of each month, with the first payment due on January 31, 2021. 3-a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) Record the first monthly mortgage payment. Date General Journal Debit Credit January 31, 2021 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.) Interest Expense Reducing the Carrying Value First…On January 1, 2021, Stoops Entertainment purchases a building for $610,000, paying $110,000 down and borrowing the remaining $500,000, signing a 9%, 15-year mortgage. Installment payments of $5,071.33 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1. Record the purchase of the building on January 1, 2021. 2. Complete the first three rows of an amortization schedule. 3. Record the first monthly mortgage payment on January 31, 2021. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? 4. Total payments over the 15 years are $912,839 ($5,071.33 × 180 monthly payments). How much of this is interest expense and how much is actual payment of the loan?On January 1, 2021, Stoops Entertainment purchases a building for $550,000, paying $110,000 down and borrowing the remaining $440,000, signing a 9%, 15-year mortgage. Installment payments of $4,462.77 are due at the end of each month, with the first payment due on January 31, 2021. 4. Total payments over the 15 years are $803,299 ($4,462.77 × 180 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Interest expense Actual payments on the loan