Question: Only need help figuring out second part (balance sheet). thanks!! Sandhill Electronics issues a $388,500,5%, 10-year mortgage note on December 31, 2021. The proceeds from

 Only need help figuring out second part (balance sheet). thanks!! Sandhill Electronics issues a $388,500,5%, 10-year mortgage note on December 31, 2021. The

Only need help figuring out second part (balance sheet). thanks!!

Sandhill Electronics issues a $388,500,5%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $50,313. Payments are due on December 31. Your answer is partially correct. Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, eg. 15,250.) Cash Payment Interest Expense Reduction of Principal Principal Balance $ 388,500 50313 $ 19425 $ 30888 357612 50313 17881 32432 325180 50313 16259 34054 291126 50313 14556 35757 255369 Your answer is partially correct. Show how the total mortgage liability should be reported on the balance sheet at December 31, 2022. (Enter account name only and do not provide descriptive information. Round answers to O decimal places, eg. 15,250.) Sandhill Electronics Balance Sheet (Partial) December 31, 2022 V Current Liabilities Mortgage Payable $ 50313 Long-term Liabilities Mortgage Payable $ CA 338187

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!