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Please provide answer this general accounting question

On January 12021Gundy Enterprises purchases an office building for $184,000, paying $44.000 down and borrowing the remaining $140,000, signing a %10year mortgage Installment payments of \$1,6 are due at the end of each month, with the first payment due on January 31, 2021 3-. Record monthly mortgage payment on January 31, 2021. (no entry is required for a particular transaction/event select No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places .)

Required information [The following information applies to the questions displayed below.] On January 1, 2024, Bloomfield Enterprises purchases a building for $327,000, paying $57,000 down and borrowing the remaining $270,000, signing a 7%, 10-year mortgage. Installment payments of $3,134.93 are due at the end of each month, with the first payment due on January 31, 2024. 3-a. Record the first monthly mortgage payment on January 31, 2024. 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3a Req 3b Record the first monthly mortgage payment on January 31, 2024. (If no entry is required for select "No Journal Entry Required" in the first account field. Do not round intermediate calcul to 2 decimal places.) No Date General Journal 1 January 31, 2024 Interest Expense Notes Payable Cash Debit 1,559.93( 1,575.00

On January 1 2021 Gundy Enterprises purchases an office building for $ 184,000 , paying $ 44.000 down and borrowing the remaining , signing a 7 % , 10 - year mortgage . Installment payments of are due at the end of each month , with the first payment due on January 31 , 2021 \$140,000 \$1,625.52 \$195,062(\$1,625.52*120 monthly payments ) . How much of this is interest expense 4. Total payments over the 10 years are and how much is actual payment of the loan ?

Vikram

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Debit Credit General Journal Date January 31, 2021 Interest Expense Clear entry View general journal Record entry 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.) Reducing the Carrying Value Interest Expense First payment

Lisa 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.

On January 1, 2021. Gundy Enterprises purchases an office building for St84.000 paying 44 down and borrowing the remaining \$140,000 signing year mortgage. Installment payments of $1625 52 are due the end of each month, with the first payment due on January 31, 2021 2. Complete the three rows of an amortization schedule(not round intermediate calculations. Round your final answers to 2 places .)

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 Credit

Alpesh

Muffin Co. issues an $800,000, 10%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The terms provide for semiannual installment payments of $64,194. Instructions Prepare two entrles to record the mortgage loan on December 31, 2019, and the first installment payment. Essay Toolbar navigation B I U S

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 Credit

- PROBLEMS i 2 of 4 = 04:18:50 -Book Print Required information [The following information applies to the questions displayed below.] On January 1, 2024, Stoops Entertainment purchases a building for $480,000, paying $100,000 down and borrowing the remaining $380,000, signing a(n) 7%, 20-year mortgage. Installment payments of $2,946.14 are due at the end of each month, with the first payment due on January 31, 2024. 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Date 1/1/2024 1/31/2024 2/29/2024 Cash Paid Interest Expense Saved Decrease in Carrying Value Carrying Value

On January 1, 2021, Stoops Entertainment purchases a building for $550,000, paying $110,000 down and borrowing the remaining $440,000, signing a 9%, 15-year mortgage. Installment payments of $4,462.77 are due at the end of each month, with the first payment due on January 31, 2021. 3-a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.)   Record the first monthly mortgage payment.     Date General Journal Debit Credit January 31, 2021                                               3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.)       Interest Expense Reducing the Carrying Value First…

Required information [The following information applies to the questions displayed below.] On January 1, 2021, Gundy Enterprises purchases an office building for $261,000, paying $51,000 down and borrowing the remaining $210,000, signing a 7%, 10-year mortgage. Installment payments of $2,438.28 are due at the end of each month, with the first payment due on January 31, 2021. 4. Total payments over the 10 years are $292,594 ($2,438.28 × 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Interest expense Actual payments on the loan

Crane Resort Corp. issued a 20-year, 4%, $298,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31. a) Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a fixed principal payment of $7,450. (Round answers to 0 decimal places, e.g. 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit   Issue of Note     Dec. 31, 2021                 (To record issuance of note.)       First Instalment Payment     June 30, 2022                         (To record payment on note.)       Second Instalment Payment     Dec. 31, 2022                         (To record…

On January 1, 2021, Gundy Enterprises purchases an office building for $261,000, paying $51,000 down and borrowing the remaining $210,000, signing a 7%, 10-year mortgage. Installment payments of $2,438.28 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1. Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the purchase of the building. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021

E-F:12-19 Preparing an amortization schedule and recording mortgages payable entries Marley Company purchased a building and land with a fair value of $500,000 (building, $400,000, and land, $100,000) on January 1, 2025. Marley Company signed a 20-year, 6% mortgage payable. Marley Company will make monthly payments of $3,582.16. Round to two decimal places. Explanations are not required for journal entries. Requirements 1. Journalize the mortgage payable issuance on January 1, 2025. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2025. 4. Journalize the second payment on February 28, 2025.

All In Digital Bank granted a loan to a client on January 1, 2022. The interest on the loan is 10% payable annually starting December 31, 2022. The loan matures in three years on December 31, 2024. Pertinent information on the loan is provided below: Principal amount, P 1,000,000 Origination fee received from the borrower, P 55,200 Direct origination cost paid, P 30,770 Indirect origination cost paid, P 5,000 After considering the origination fee received from the borrower and the direct origination cost incurred, the effective rate on the loan is 11%. What is the carrying value of the loan receivable on December 31, 2023 in Megabank's accounting books?

Bramble Company purchased a building on January 2 by signing a long-term $606000 mortgage with monthly payments of $5100. The mortgage carries an interest rate of 10 percent. The entry to record the first monthly payment will include a credit to the Mortgage Payable account for $5100. O credit to the Cash account for $5050. O debit to the Interest Expense account for $5050. O debit to the Cash account for $5100.

Novak Corp. receives $375,600 when it issues a $375,600, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $62,600 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments.

Vinubhai