Saturn, Corp., issued a $430,000, 7%, mortgage on January 1, 2012, to purchase warehouses. Requirements 1. Complete
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Requirements
1. Complete the amortization schedule for Saturn, Corp., assuming payments are made semiannually. Round amounts to the nearest dollar.
2. Record the journal entries for (a) issuance of mortgage on January 1 , 2012, and (b) the first semiannual payment on June 30,2012.
Transcribed Image Text:
Payment Interest Principal Loan Balance $430,000 Date Jan 1, 2012 Jun 30, 2012 $23,380 Dec: 31, 2012 Jun 30, 2013 Dec: 31, 2013 Jun 30, 2014
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Req 1 A B C D Date Payment Interest D x 7 x 612 Principal ...View the full answer
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