Orbit Corp., issued a $410,000, 9 percent, mortgage on January 1, 2016, to purchase warehouses. Requirements 1.
Question:
Orbit Corp., issued a $410,000, 9 percent, mortgage on January 1, 2016, to purchase warehouses.
Requirements
1. Complete the amortization schedule for Orbit, Corp., assuming payments are made semiannually. Round amounts to the nearest dollar.
2. Record the journal entries for (a) issuance of the mortgage on January 1, 2016, and (b) the first semiannual payment on June 30, 2016?
Transcribed Image Text:
Payment Interest Principal| Loan Balance $410,000 Date Jan 1, 2016 Jun 30, 2016 Dec 31, 2016 Jun 30, 2017 Dec 31, 2017 Jun 30, 2018 $25,170
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Req 1 A B C D Payment Interest Principal Loan Balance Date ...View the full answer
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