Muffin Co. Issues an $800,000, 10%, 10-year mortgage note on December 31, 2019, to obtaln financing for a new bullding. The terms provide for semlannual Installment payments of $64,194. Instructions Prepare two entrles to record the mortgage loan on December 31, 2019, and the first installment payment.
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- Hen it issues a $282,000, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $47,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31, 2023 Dec. 31, 2024 Account Titles and Explanation Debit CreditLisa Ehrlich Inc. issues a $1,300,000, 8%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $251,118. Instructions Prepare the entry to record the mortgage loan on December 31, 2022 Prepare entries to record the first and second installment payments on December 31, 2023 and 2024. Calculate the principal balance on December 31, 2024 after the installment payment is made.Part (A) Yusuf Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2018, to obtain financing for a new building. The terms provide for semiannual installment payments of $64,194. Instructions 1- Prepare the entry to record the mortgage loan on December 31, 2018, and the first installment payment. 2- Explain the concept behind mortagage notes? Part (B) What would the entry to record the issuance of two thousand bonds with a face value of $1,000 each and are sold at 103.
- Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $130,196.Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. what is the account title or explanation? what is debit or credited ?Cullumber Inc. issues an $740,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $110,000. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit CreditBlue Spruce Corp. issues an $880,000, 15%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $175,342. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
- Part (A) Yusuf Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2018, to obtain financing for a new building. The terms provide for semiannual installment payments of $64,194. Instructions 1- Prepare the entry to record the mortgage loan on December 31, 2018, and the first installment payment. 2- Explain the concept behind mortagage notes? Solution (1) - mortgage loan entry Accounts Debit Credit Solution (2) Explain the concept behind mortagage notes Solution (1) - first installment payment entry Accounts Debit Credit Part (B) What would the entry to record the issuance of two thousand bonds with a face value of $1,000 each…Current Attempt in Progress Wildhorse Co., receives $372,000 when it issues a $372.000, 10%, mortgage note payable to finance the construction of a building at December 31, 2025. The terms provide for annual installment payments of $62,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts) Date Account Titles and Explanation Debit CreditCullumber Co. receives $248,400 when it issues a $248,400, 10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $41,400 on December 31.Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022 Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022 Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022
- Sunland Inc. issues an $850,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $120,000.Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023.Proxy Inc. issues a $1,300,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $211,569.Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Dec. 31, 202114. Jindal Industries issues a $1,200,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for semiannual installment payments of $96,290. Instructions: a) Prepare the entry to record the mortgage loan on December 31, 2020, and b) Prepare a schedule showing semiannual installment payment for 2021.