Kaiser Company purchased a building and land with a fair market value of $ 500,000 (building, $
Question:
Kaiser Company purchased a building and land with a fair market value of $ 500,000 (building, $ 400,000 and land, $ 100,000) on January 1, 2014. Kaiser signed a 20-year, 6% mortgage payable. Kaiser will make monthly payments of $ 3,582.16.
Requirements
1. Journalize the note issuance on January 1, 2014 (explanations are not required).
2. Prepare an amortization schedule for the first two payments.
3. Journalize the first payment on January 31, 2014 (do not round).
4. Journalize the second payment on February 28, 2014 (do not round).
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Requirement 1 Date Accounts and Explanation Debit Credit 2014 Jan 1 Bu...View the full answer
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