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

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

FINANCIAL ACCOUNTING
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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Date Account Titles and Explanation Debit Credit ec. 31 Interest Expense 5628 Mortgage Payable 80404 Cash 62250
Transcribed Image Text: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. kid you would like to Show Work for this question: Open Show Work SHOW SOLUTION SANDOJO ISI MORS LINK TO TEXT LXL OL PRUY
Transcribed Image Text: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. kid you would like to Show Work for this question: Open Show Work SHOW SOLUTION SANDOJO ISI MORS LINK TO TEXT LXL OL PRUY
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