Question: I need help with both please. Mar. 1. 2018: Borrowed $400,000 from Niceville Bank. The eight-year, 6% note requires payments due annually, on March 1.

 I need help with both please. Mar. 1. 2018: Borrowed $400,000

I need help with both please.

Mar. 1. 2018: Borrowed $400,000 from Niceville Bank. The eight-year, 6% note requires payments due annually, on March 1. Each payment consists of $50,000 principal plus one year's interest. Date Accounts Debit Credit 2018 Mar. 1 Dec. 1. 2018: Mortgaged the warehouse for $450,000 cash with Sage Bank. The mortgage requires monthly payments of $4,000. The interest rate on the note is 9% and accrues monthly. The first payment is due on January 1, 2019

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!