HOW MUCH OF THE REMAINING BALANCE OF THE MORTGAGE NOTE PAYABLE SHOULD BE REPORTED AS A CURRENT
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HOW MUCH OF THE REMAINING BALANCE OF THE MORTGAGE NOTE PAYABLE SHOULD BE REPORTED AS A CURRENT AND NONCURRENT LIABILITY ON THE DECEMBER 31, 2024 BALANCE SHEET?
CURRENT PORTION OF MORTGAGE NOTE PAYABLE: $
NONCURRENT PORTION OF MORTGAGE NOTE PAYABLE: $
Transcribed Image Text:
Crane Co. receives $244,000 when it issues a $244,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $43,000 on December 31. (a) Your Answer Correct Answer Your answer is correct. Prepare the journal entries to record the mortgage loan and the first two installment payments. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent marhally) late Account Titles and Explanation .2022 Cash Mortgage Payable 1.2023 v Mortgage Payable 1,2024 Interest Expense Cash Mortgage Payable Debit 244000 18600 24400 20460 Credit 244000 43000 Crane Co. receives $244,000 when it issues a $244,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $43,000 on December 31. (a) Your Answer Correct Answer Your answer is correct. Prepare the journal entries to record the mortgage loan and the first two installment payments. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent marhally) late Account Titles and Explanation .2022 Cash Mortgage Payable 1.2023 v Mortgage Payable 1,2024 Interest Expense Cash Mortgage Payable Debit 244000 18600 24400 20460 Credit 244000 43000
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