Cove Resort Corp. issued a 20-year, 7%, $240,000 mortgage note payable to finance the construction of a
Question:
Cove Resort Corp. issued a 20-year, 7%, $240,000 mortgage note payable to finance the construction of a new building on December 31, 2024. The terms provide for semi-annual instalment payments on June 30 and December 31.
Instructions
Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is:
a. A fixed principal payment of $6,000.
b. A blended payment of $11,239.
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Step by Step Answer:
a b Semiannual Interest Period Dec 31 2024 June 30 2025 ...View the full answer
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Related Book For 
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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