Kaman Company purchased a building and land with a fair value of $650,000 (building, $400,000 and...

 

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Kaman Company purchased a building and land with a fair value of $650,000 (building, $400,000 and land, $250,000) on January 1, 2025. Kaman Company signed a 20-year, 8% mortgage payable. Kaman Company will make monthly payments of $5,436.86. Round to two decimal places. Explanations are not for journal entries. required Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2025. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Jan. 1, 2025 Requirements Accounts Debit 1. Journalize the mortgage payable issuance on January 1, 2025. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2025. 4. Journalize the second payment on February 28, 2025. Credit Kaman Company purchased a building and land with a fair value of $650,000 (building, $400,000 and land, $250,000) on January 1, 2025. Kaman Company signed a 20-year, 8% mortgage payable. Kaman Company will make monthly payments of $5,436.86. Round to two decimal places. Explanations are not for journal entries. required Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2025. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Jan. 1, 2025 Requirements Accounts Debit 1. Journalize the mortgage payable issuance on January 1, 2025. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2025. 4. Journalize the second payment on February 28, 2025. Credit