Sunland Resort Corp. issued a 20-year, 6%, $274,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31. Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a fixed principal payment of $6,850. (Round answers to 0 decimal places, e.g. 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitCredit Issue of Note Dec. 31, 2021 (To record issuance of note.) First Instalment Payment June 30, 2022 (To record payment on note.) Second Instalment Payment Dec. 31, 2022 (To record payment on note.) eTextbook and MediaList of Accounts Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a blended payment of $11,854. (Round answers to 0 decimal places, e.g. 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitCredit Issue of Note Dec. 31, 2021 (To record issuance of note.) First Instalment Payment June 30, 2022 (To record payment on note.) Second Instalment Payment Dec. 31, 2022 (To record payment on note.)

The practice of capturing commercial transactions for the first time in the books of accounts is…

Answered: unland Resort Corp. issued a 20-year,…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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Sunland Resort Corp. issued a 20-year, 6%, $274,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31.

Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a fixed principal payment of $6,850. (Round answers to 0 decimal places, e.g. 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
	Issue of Note
Dec. 31, 2021

	(To record issuance of note.)
	First Instalment Payment
June 30, 2022


	(To record payment on note.)
	Second Instalment Payment
Dec. 31, 2022


	(To record payment on note.)

eTextbook and Media

List of Accounts

Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a blended payment of $11,854. (Round answers to 0 decimal places, e.g. 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
	Issue of Note
Dec. 31, 2021

	(To record issuance of note.)
	First Instalment Payment
June 30, 2022


	(To record payment on note.)
	Second Instalment Payment
Dec. 31, 2022


	(To record payment on note.)

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