Question: On January 1 , 2 0 1 8 , Barlow Barstools Inc. borrowed $ 5 5 0 , 0 0 0 from Mellon Bank and

On January 1,2018, Barlow Barstools Inc. borrowed $550,000 from Mellon Bank and signed a 20-year mortgage stating the interest rate was 6% compounded annually. Barlow Barstools Inc. will make monthly payments of $3,940.37.
A. Journalize the mortgage payable issuance on January 1,2018
B. Prepare an amortization table showing the principal and interest in each of the first two payment.
C. Journalize the first payment on January 31,2018
D. Journalize the second payment on Feb 28,2018

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