(1) Calculate depreciation expense to be recognized on December 31, Year 7. (2) Prepare the journal entry related to note payable on March 31, Year 8.

Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.

Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual interest rate of 3.5%, due in 6 months. What journal entry is created when Jain honors the note?

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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 ?

Please help me

Andrews Inc. issues a $497,000, 10% 3-year mortgage note on January 1. The note will be paid in three annual installments of $200,000, each payable at the end of the year. What is the amount of interest expense that should be recognized by Andrews Inc. in the second year?     $347,600           $49,740     $34,670     $16,567

More Info Borrowed $975,000 from Nelson Bank. The 15-year, 7% note requires payments due annually, on March 1. Each payment consists of $65,000 principal plus one year's interest. Mortgaged the warehouse for $500,000 cash with Sawyer Bank. The mortgage requires monthly payments of $5,000. The interest rate on the note is 6% and accrues monthly. The first payment is due on January 1, 2019. Mar. 1, 2018 Dec. 1, 2018 Dec. 31, 2018 Recorded interest accrued on the Sawyer Bank note. Dec. 31, 2018 Recorded interest accrued on the Nelson Bank note. Jan. 1, 2019 Paid Sawyer Bank monthly mortgage payment. Feb. 1, 2019 Paid Sawyer Bank monthly mortgage payment. Mar. 1, 2019 Paid Sawyer Bank monthly mortgage payment. Mar. 1, 2019 Paid first installment on note due to Nelson Bank. Print Done all the journal entries are recorded. e first three payments, then the remaining months one at a time. (Round your answers to the nearest whole dollar.) Requirements 1. Journalize the transactions in the Right…

Mark signs a note promising to pay $825 in 3.5 years with simple interest at 10.75%. Then, 9 months before the note comes due, the holder of the note sells it to a local bank which discounts the note based on a bank discount rate of 18%. (a) What did the bank pay the holder of the note when it was sold 9 months before maturity? $ X

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