Hagler Corporation purchased a building by signing a $150,000 long-term mortgage with monthly payments of $1,200. The mortgage carries an interest rate of 8 percent per year. Prepare a monthly payment schedule showing the monthly payment, the interest for the month, the reduction in debt, and the unpaid balance for the first three months. (Round to the nearest dollar.)
Answer to relevant QuestionsOn April 1, 2014, Angel Corporation issued $8,000,000 in 8.5 percent, five-year bonds at 98. The semiannual interest payment dates are April 1 and October 1. Prepare journal entries to record the issue of the bonds by Angel ...Dawn Corporation sold $400,000 of 9 percent, 10-year bonds for face value on September 1, 2014. The issue date of the bonds was May 1, 2014. The company’s fiscal year ends on December 31, and this is its only bond issue. ...Waterbury Corporation issued $16,000,000 in 8.5 percent, five-year bonds on March 1, 2014, at 96. The semiannual interest payment dates are September 1 and March 1. Prepare the journal entries to record the issue of the ...Fleetwood Corporation sold $800,000 of 12 percent, 10-year bonds at face value on September 1, 2014. The issue date of the bonds was May 1, 2014.1. Prepare the journal entries to record the sale of the bonds on September 1 ...Cozumel Corporation has $10,000,000 of 10.5 percent, 20-year bonds dated June 1, 2014, with interest payment dates of May 31 and November 30. After 10 years, the bonds are callable at 104, and each $1,000 bond is convertible ...
Post your question