Ling Company issued a $280,000, 4 percent mortgage note on January 1, 2018, to purchase a building. Payments of $8,055 are made semiannually. Complete the follow- ing amortization schedule (partial) for Ling Company. Round to the nearest dollar. Date Jan 1, 2018 Jun 30, 2018 Dec 31, 2018 Jun 30, 2019 Dec 31, 2019 Payment Interest Principal Loan Balance $280,000 $8,055

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Question

Subject : Accounting

 

 

Ling Company issued a $280,000, 4 percent mortgage note on January 1, 2018, to
purchase a building. Payments of $8,055 are made semiannually. Complete the follow-
ing amortization schedule (partial) for Ling Company. Round to the nearest dollar.
Date
Jan 1, 2018
Jun 30, 2018
Dec 31, 2018
Jun 30, 2019
Dec 31, 2019
Payment Interest Principal Loan Balance
$280,000
$8,055
Transcribed Image Text:Ling Company issued a $280,000, 4 percent mortgage note on January 1, 2018, to purchase a building. Payments of $8,055 are made semiannually. Complete the follow- ing amortization schedule (partial) for Ling Company. Round to the nearest dollar. Date Jan 1, 2018 Jun 30, 2018 Dec 31, 2018 Jun 30, 2019 Dec 31, 2019 Payment Interest Principal Loan Balance $280,000 $8,055
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