Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for
Question:
Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $130,196. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (8 reviews)
Semiannual Interest Period A Cash Payment B Interest Expense D X 10 C Reduction of Princip...View the full answer
Answered By
Jehal Shah
I believe everyone should try to be strong at logic and have good reading habit. Because If you possess these two skills, no matter what difficult situation is, you will definitely find a perfect solution out of it. While logical ability gives you to understand complex problems and concepts quite easily, reading habit gives you an open mind and holistic approach to see much bigger picture.
So guys, I always try to explain any concept keeping these two points in my mind. So that you will never forget any more importantly get bored.
Last but not the least, I am finance enthusiast. Big fan of Warren buffet for long term focus investing approach. On the same side derivatives is the segment I possess expertise.
If you have any finacne related doubt, do reach me out.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Business questions
-
McEntire Inc. issues a $400,000, 10%, 10-year mortgage note on December 31, 2014, to obtain financing for a new building. The terms provide for semiannual installment payments of $32,097. Prepare the...
-
Pickeril Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2010, to obtain financing for a new building. The terms provide for semiannual installment payments of $48,145. Prepare the...
-
Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2009. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide...
-
? Fisheries Bhd is a small listed company involves in fishing and selling fish to the public via retail outlets. The company owns a building that was acquired in early September 2014 for RM1,200,000,...
-
The Gecko Company and the Gordon Company are two firms whose business risk is the same but that have different dividend policies. Gecko pays no dividend, whereas Gordon has an expected dividend yield...
-
In the parallelogram below, what is the measure of WXY? F. 25 G. 55 H. 65 J. 100 K. 120 W 25 X Z 55 Y
-
What pressure, \(p_{1}\), is needed to produce a flowrate of 0.09 \(\mathrm{ft}^{3} / \mathrm{s}\) from the tank shown in Fig. P3.92? Figure P3.92 Air P1 T Gasoline 2.0 ft Salt water SG = 1.1 0.06-ft...
-
The following is a list of eight control plans from this chapter: Control Plans A. Limit checks B. Tickler files C. Public key cryptography D. Compare input data with master data E. Batch sequence...
-
The following events occur for Wainwright Engineering during 2024 and 2025, its first two years of operations. February 2, 2024 Provide services to customers on account for $26,000. July 23, 2024...
-
1. What is the depreciation expense using the straight line method on a asset costing 10,000 if it has a useful life of 4 years and a salvage value of 2,000? a. 2,500 b. 2,000 c. 5,000 2. If an asset...
-
The following is taken from the Colaw Company balance sheet. Interest is payable annually on January 1. The bonds are callable on any annual interest date. Colaw uses straight-line amortization for...
-
On January 1, 2020, Lock Corporation issued $1,800,000 face value, 5%, 10-year bonds at $1,667,518. This price resulted in an effective-interest rate of 6% on the bonds. Lock uses the effective...
-
Is it important that humanity act to save the polar bear? Why or why not?
-
What is wrong with the claim " 25 combinations to choose from!" on the Carrows menu? 1 Introducing Carrows NEW $6.99 Two-Course Meals 25 combinations to choose from! Appetizer or Dessert Side Caesar...
-
Transform the system of Fig. P2.2 into a unit feedback system. R(s) + 1+s 1 +0.5s 10 3 + + 5 S C(s)
-
What is the difference between USDP and the Waterfall Lifecycle in the relationship between activities and phases?
-
A typical Social Security number is 555-47-5593. How many Social Security numbers are possible if the first two digits cannot be 0 ?
-
What are the problems of accounting for wastage and scrap?
-
An article in the Journal of Quality Technology (1985, Vol. 17, pp. 198206) described the use of a replicated fractional factorial to investigate the effect of five factors on the free height of leaf...
-
Find the velocity, acceleration, and speed of a particle with the given position function. r(t) = (t 2 , sin t - t cos t, cos t + t sin t), t > 0
-
Determine the missing amounts. Unit Selling Price Unit Variable Costs $170 (c) (1) Contribution Margin Ratio (b) (d) 30% Contribution Margin per Unit (a) 1. $250 $500 (e) 2. 3. $200 $300
-
Hamby Company has a unit selling price of $400, variable costs per unit of $260, and fixed costs of $210,000. Compute the break-even point in units using (a) The mathematical equation and (b)...
-
For Markowis Company, variable costs are 70% of sales, and fixed costs are $210,000. Managements net income goal is $60,000. Compute the required sales needed to achieve managements target net income...
-
According to theknot.com, online dating is the most common way people meet their spouses today. This claim was based on a survey of 1,400 randomly selected recently married couples, with 266...
-
Miller's Hardware plans on saving $40,000, $50,000, and $58,000 at the end of each year for the next three years, respectively. How much will the firm have saved at the end of the three years if it...
-
Wizmo technologies is producing a new kids watch, an electronic gadget for kids to stay connected with their parents. The project requires an initial investment in plant and equipment of 6 million....
Study smarter with the SolutionInn App