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.

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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