Wildhorse Electronics issues a $359,500, 5%, 15-year mortgage note on December 31, 2019. The proceeds from...
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Wildhorse Electronics issues a $359,500, 5%, 15-year mortgage note on December 31, 2019. 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 $46,557. Payments are due on December 31 Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.) Annual Interest Cash Payment Interest Expense Reduction of Principal Period Principal l Issue Date 1 %24 %24 2$ 3. 4 %24 Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 15,250. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Cred Show how the total mortgage liability should be reported on the balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to 0 decimal places, e.g. 15,250.) Wildhorse Electronics Balance Sheet (Partial) Wildhorse Electronics issues a $359,500, 5%, 15-year mortgage note on December 31, 2019. 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 $46,557. Payments are due on December 31 Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.) Annual Interest Cash Payment Interest Expense Reduction of Principal Period Principal l Issue Date 1 %24 %24 2$ 3. 4 %24 Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 15,250. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Cred Show how the total mortgage liability should be reported on the balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to 0 decimal places, e.g. 15,250.) Wildhorse Electronics Balance Sheet (Partial)
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Related Book For
Process Dynamics And Control
ISBN: 978-0471000778
2nd Edition
Authors: Dale E. Seborg, Thomas F. Edgar, Duncan A. Mellich
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