FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On January 1, 2024, Maricopa Company purchased land costing $764,000. Instead of paying cash at the time of purchase, Maricopa. plans to make four installment payments of $205,536.66 on June 30 and December 31 in 2024 and 2025. The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first installment payment on June 30, 2024, and the second installment payment on December 31, 2024. 3. Calculate the balance of Notes Payable and Interest Expense on December 31, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the balance of Notes Payable and Interest Expense on December 31, 2024. Note: Do not round intermediate calculations. Round your answers to 2 decimal places. Notes Payable Interest Expense < Required 2
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Transcribed Image Text:On January 1, 2024, Maricopa Company purchased land costing $764,000. Instead of paying cash at the time of purchase, Maricopa. plans to make four installment payments of $205,536.66 on June 30 and December 31 in 2024 and 2025. The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first installment payment on June 30, 2024, and the second installment payment on December 31, 2024. 3. Calculate the balance of Notes Payable and Interest Expense on December 31, 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the balance of Notes Payable and Interest Expense on December 31, 2024. Note: Do not round intermediate calculations. Round your answers to 2 decimal places. Notes Payable Interest Expense < Required 2
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Step 1: Understading of notes payable
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Step 2: Preparation of amortization table
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Step 3: Recording purchase of land
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Step 4: Recording installment payments
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Step 5: Calculation of notes payable and interest expense on 31st December 2024
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