DateAccount Titles and ExplanationDebitCreditec. 31 Interest Expense5628Mortgage Payable80404Cash62250 Kimel, Financial Accounting, Sehile 1 Syotem AnnouncementsCALCULATORProblem 10-12A (Part Level Submission)avene purchased a new piece of equipment to be used in its new facality. The $415,000 piece of equipment was purchased with a $62,250 down payment and with cash receivea52,750, 7%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $86,032 on December 31.(0)Your answer is correct.epare an installment payments sdchedule for the first five payments of the notes payable. (Round answers to 0 decimal places, e.g. 125.)ReductionCashPaymentInterestAnnualterest PeriodPrincipalof Principal352750ExpenseBalanceIssue Date86032613392914111.E6986032656332.662257788603215804702281555508603280407688017514386032562880404Amount may be off due to rounding.kid you would like to Show Work for this question: Open Show WorkSHOW SOLUTIONSANDOJO ISI MORSLINK TO TEXTLXL OL PRUY

Accounting Entry for first year ending; Date Account Titles and Explanation Debit Credit 31…

Answered: Date Account Titles and Explanation…

Business

Accounting

Date Account Titles and Explanation Debit Credit ec. 31 Interest Expense 5628 Mortgage Payable 80404 Cash 62250

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.

Question

100%

Date
Account Titles and Explanation
Debit
Credit
ec. 31 Interest Expense
5628
Mortgage Payable
80404
Cash
62250

Kimel, Financial Accounting, Se
hile 1 Syotem Announcements
CALCULATOR
Problem 10-12A (Part Level Submission)
avene purchased a new piece of equipment to be used in its new facality. The $415,000 piece of equipment was purchased with a $62,250 down payment and with cash receive
a52,750, 7%, 5-year mortgage payable issued on January 1, 2017. The terms provide for annual installment payments of $86,032 on December 31.
(0)
Your answer is correct.
epare an installment payments sdchedule for the first five payments of the notes payable. (Round answers to 0 decimal places, e.g. 125.)
Reduction
Cash
Payment
Interest
Annual
terest Period
Principal
of Principal
352750
Expense
Balance
Issue Date
86032
61339
291411
1.
E69
86032
65633
2.
66
225778
86032
15804
70228
155550
86032
80407
68801
75143
86032
5628
80404
Amount may be off due to rounding.
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LXL OL PRUY

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