Venus, Corp., issued a $460,000, 8%, mortgage on January 1, 2012, to purchase warehouses.

Requirements
1. Complete the amortization schedule for Venus, 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:

Date Jan 1, 2012 Jun 30, 2012 Dec 31, 2012 Jun 30, 2013 Dec 31, 2013 Jun 30, 2014 Payment Interest Principal Loan Balance $460,000 $26,602