Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2014, to obtain financing for a new building. The terms provide for semiannual installment payments of $64,195. Prepare the entry to record the mortgage loan on December 31, 2014, and the first installment payment.
Answer to relevant QuestionsPrepare the journal entries that the lessee should make to record the following transactions.1. The lessee makes a lease payment of $80,000 to the lessor in an operating lease transaction.2. Imhoff Company leases a new ...Eubank Corporation issues $500,000 of bonds for $520,000. (a) Prepare the journal entry to record the issuance of the bonds, (b) Show how the bonds would be reported on the balance sheet at the date of issuance.On January 1, Forrester Company issued $400,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.InstructionsPrepare journal entries to record the following events.(a) The issuance of ...Present below are two independent situations. 1. Flinthills Car Rental leased a car to Jayhawk Company for one year. Terms of the operating lease agreement call for monthly payments of $500. 2. On January 1, 2014, Throm ...Talkington Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2013. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual ...
Post your question