Business, 29.08.2020 05:01 gabigalvis1091
Kellerman Company purchased a building and land with a fair market value of $550,000 (building, $425,000, and land, $125,000) on January 1, 2018. Kellerman signed a 20-year, 6% mortgage payable. Kellerman will make monthly payments of $3,940.37. Round to two decimal places.
a. Journalize the mortgage payable issuance on January 1, 2018. Date Credit Debit 425000 15000 Non BUnding 550000 morigage payuple Prepare an amortization schedule for the first two payments. Principal Amortization
b. Carrying Value Cash Interest Date Payment Expense Borrow Date First Pmt Second Pmt
c. Journalize the first payment on January 31, 2018. Date Debit Credit
d. Journalize the second payment on February 28, 2018. Debit Credit Date
Answers: 2
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Kellerman Company purchased a building and land with a fair market value of $550,000 (building, $425...
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