journal entries

Req 1 Req 2 Req Req 3B Req 4 Complete the amortization schedule below: (Round your answers to the nearest dollar amount. I values.) Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 01/31/2021 02/28/2021 Reg 1 Reg 2 Reg 3A Req 3B Req 4 LLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLLL How much of the first payment goes to interest expense and how much goes to reducing the car not round intermediate calculations. Round your answers to 2 decimal places.) IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Interest expense Principal Reg 1 Req 2 Req Req 3B Req 4 IIIIIIIIIIIIIIIIIIIIIII Total payments over the 30 years are $690,682 ($1,918.56 ~ 360 monthly payments). How much of this is interest expense and how much is actual payment of the loan? (Do not round intermediate calculations. Round your answers to 2 decimal places.) MITIMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII Actual payment Interest expense On January 1, 2021, Florida Investments purchases a condo for $400,000. The company pays cash of $80,000 and issues a 6%, 30- year note payable for the remaining $320,000. Installment payments of $1,918.56 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1. Record issuance of the mortgage installment note on January 1, 2021. 2. Complete the amortization schedule below: 3-a. Record the first monthly mortgage payment on January 31, 2021. 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? 4. Total payments over the 30 years are $690,682 ($1,918.56 * 360 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Record the issuance of a mortgage note payable on January 1, 2021. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2021