Pocotalk Electronics issued a $1,000,000, 5%, 10-ycar mortgage note on December 31, 2018. The proceeds from the note are to be used in financing a new rescarch laboratory. The terms of the note provide for annual installment payment, exclusive of real estate taxes and insurance, of $129,504.57. Payments are due on December 31.
Pocotalk Electronics issued a $1,000,000, 5%, 10-ycar mortgage note on December 31, 2018. The proceeds from the note are to be used in financing a new rescarch laboratory. The terms of the note provide for annual installment payment, exclusive of real estate taxes and insurance, of $129,504.57. Payments are due on December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1. complete the installment payment using the provided table
2. prepare the entries for loan payment on December 31 2019
![Pocotalk Electronics issued a $1,000,000,
5%, 10-ycar mortgage note on December 31,
2018. The proceeds from the note are to be
used in financing a new rescarch laboratory.
The terms of the note provide for annual
installment payment, exclusive of real estate
taxes and insurance, of $129,504.57.
Payments are due on December 31.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb17e37d8-4799-4139-b96f-27bdb39b178a%2F565a323f-04fd-4cc1-99c6-5fc9a7746a4f%2Fzqjs9zj.png&w=3840&q=75)
Transcribed Image Text:Pocotalk Electronics issued a $1,000,000,
5%, 10-ycar mortgage note on December 31,
2018. The proceeds from the note are to be
used in financing a new rescarch laboratory.
The terms of the note provide for annual
installment payment, exclusive of real estate
taxes and insurance, of $129,504.57.
Payments are due on December 31.
![](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb17e37d8-4799-4139-b96f-27bdb39b178a%2F565a323f-04fd-4cc1-99c6-5fc9a7746a4f%2Futlp0rp.png&w=3840&q=75)
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