Question: Please do it per IFRS format P15:10A (LO 5) AP Olsen Well Services Ltd. purchased equipment for $905,000 on September 30, 2024. The equipment was

Please do it per IFRS format Please do it per IFRS format P15:10A (LO 5) AP Olsen Well

P15:10A (LO 5) AP Olsen Well Services Ltd. purchased equipment for $905,000 on September 30, 2024. The equipment was purchased with a $137,000 cash down payment and through the issue of a $768,000,5-year, 3.6% mortgage note payable for the balance. The terms provide for the mortgage to be repaid in monthly blended payments of $14,006 starting on October 31 . Instructions a. Record the purchase and the issue of the note payable on September 30 . b. Record the first four instalment payments from October 31 to January 31 . Round amounts to the nearest dollar. c. Repeat part (b) assuming that the terms provided for monthly fixed principal payments of $12,800, rather than blended payments of $14,006. Taking It Further If the instalments are fixed principal payments of $12,800, will the interest expense over the life of the note be greater than, the same as, or less than if the instalments are a blended payment of $14,006 ? Explain. Prepare instalment payment schedule and record note transactions. Show balance sheet presentation

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