Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. 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 $41,675. Payments are due on December 31. Show how the total mortgage liability should be reported on the balance sheet at December 31, 2022. (Enter account name only and do not provide descriptive information. Round answers to 0 decimal places, e.g. 15,250.) Cullumber Electronics Balance Sheet (Partial) choose the accounting period select an opening name for section one enter a balance sheet item $enter a dollar amount select an opening name for section two enter a balance sheet item $enter a dollar amount
Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. 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 $41,675. Payments are due on December 31. Show how the total mortgage liability should be reported on the balance sheet at December 31, 2022. (Enter account name only and do not provide descriptive information. Round answers to 0 decimal places, e.g. 15,250.) Cullumber Electronics Balance Sheet (Partial) choose the accounting period select an opening name for section one enter a balance sheet item $enter a dollar amount select an opening name for section two enter a balance sheet item $enter a dollar amount
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. 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 $41,675. Payments are due on December 31.
Show how the total mortgage liability should be reported on the
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Cullumber Electronics
Balance Sheet (Partial) choose the accounting period |
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select an opening name for section one
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enter a balance sheet item
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$enter a dollar amount
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select an opening name for section two
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enter a balance sheet item
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$enter a dollar amount
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