Kelly Company purchased a building and land with a fair market value of $575,000 (building, $350,000 and land, $225,000) on January 1, 2018. Kelly signed a 25-year, 15% mortgage payable. Kelly will make monthly payments of $7,364.78 . Round to two decimal places. Explanations are not required for journal entries Requirement 2. Prepare an amortization schedule for the first two payments
Kelly Company purchased a building and land with a fair market value of $575,000 (building, $350,000 and land, $225,000) on January 1, 2018. Kelly signed a 25-year, 15% mortgage payable. Kelly will make monthly payments of $7,364.78 . Round to two decimal places. Explanations are not required for journal entries Requirement 2. Prepare an amortization schedule for the first two payments
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Kelly Company purchased a building and land with a fair market value of $575,000 (building, $350,000 and land, $225,000) on January 1, 2018. Kelly signed a 25-year, 15% mortgage payable. Kelly will make monthly payments of $7,364.78 . Round to two decimal places. Explanations are not required for
Requirement 2. Prepare an amortization schedule for the first two payments (Round all the numbers to the nearest cent.)
Transcribed Image Text:Beginning
Balance
Principal
Payment
Interest
Expense
Total
Payment
Ending
Balance
1/1/2018
1/31/2018
2/28/2018
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