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Prepare all journal entries and adjusting journal entries necessary to record all of Red Robin's transactions related to the note payable information below: Red Robin purchased the building on January 1, 2019, for $496,300 using a note payable. The loan is a 30-year, 5% installment loan with annual payments due every December 31. See amortization table below: Building Loan Amortization Principal Interest Years Payments/year Payment Date 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40 31-Dec-41 31-Dec-42 31-Dec-43 31-Dec-44 31-Dec-45 31-Dec-46 31-Dec-47 31-Dec-48 $496,300 5.00% 30 1 32,285 Interest Principal Payment Balance 496,300 7,470 32,285 488,830 7,844 32,285 480,986 8,236 32,285 472,751 23,638 8,647 32,285 464,103 23,205 9,080 32,285 455,023 22,751 9,534 32,285 445,490 22,274 10,011 32,285 435,479 21,774 10,511 32,285 424,968 21,248 11,037 32,285 413,931 20,697 11,588 32,285 402,343 20,117 12,168 32,285 390,175 19,509 12,776 32,285 377,399 18,870 13,415 32,285 363,984 18,199 14,086 32,285 349,898 17,495 14,790 32,285 335,108 16,755 15,530 32,285 319,578 15,979 16,306 32,285 303,272 15,164 17,121 32,285 286,150 14,308 17,978 32,285 268,173 13,409 18,876 32,285 249,296 12,465 19,820 32,285 229,476 11,474 20,811 32,285 208,665 10,433 21,852 32,285 186,813 9,341 22,944 32,285 163,869 8,193 24,092 32,285 139,777 6,989 25,296 32,285 114,481 5,724 26,561 32,285 87,920 4,396 27,889 32,285 60,031 3,002 29,283 32,285 30,748 1,537 30,748 32,285 0 24,815 24,441 24,049

Prepare all journal entries and adjusting journal entries necessary to record all of Red Robin's transactions related to the note payable information below: Red Robin purchased the building on January 1, 2019, for $496,300 using a note payable. The loan is a 30-year, 5% installment loan with annual payments due every December 31. See amortization table below: Building Loan Amortization Principal Interest Years Payments/year Payment Date 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40 31-Dec-41 31-Dec-42 31-Dec-43 31-Dec-44 31-Dec-45 31-Dec-46 31-Dec-47 31-Dec-48 $496,300 5.00% 30 1 32,285 Interest Principal Payment Balance 496,300 7,470 32,285 488,830 7,844 32,285 480,986 8,236 32,285 472,751 23,638 8,647 32,285 464,103 23,205 9,080 32,285 455,023 22,751 9,534 32,285 445,490 22,274 10,011 32,285 435,479 21,774 10,511 32,285 424,968 21,248 11,037 32,285 413,931 20,697 11,588 32,285 402,343 20,117 12,168 32,285 390,175 19,509 12,776 32,285 377,399 18,870 13,415 32,285 363,984 18,199 14,086 32,285 349,898 17,495 14,790 32,285 335,108 16,755 15,530 32,285 319,578 15,979 16,306 32,285 303,272 15,164 17,121 32,285 286,150 14,308 17,978 32,285 268,173 13,409 18,876 32,285 249,296 12,465 19,820 32,285 229,476 11,474 20,811 32,285 208,665 10,433 21,852 32,285 186,813 9,341 22,944 32,285 163,869 8,193 24,092 32,285 139,777 6,989 25,296 32,285 114,481 5,724 26,561 32,285 87,920 4,396 27,889 32,285 60,031 3,002 29,283 32,285 30,748 1,537 30,748 32,285 0 24,815 24,441 24,049

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...
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Prepare all journal entries and adjusting journal entries necessary to record all of Red Robin's transactions related to the note payable information below: Red Robin purchased the building on January 1, 2019, for $496,300 using a note payable. The loan is a 30-year, 5% installment loan with annual payments due every December 31. See amortization table below: Building Loan Amortization Principal Interest Years Payments/year Payment Date 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40 31-Dec-41 31-Dec-42 31-Dec-43 31-Dec-44 31-Dec-45 31-Dec-46 31-Dec-47 31-Dec-48 $496,300 5.00% 30 1 32,285 Interest Principal Payment Balance 496,300 488,830 480,986 7,470 32,285 7,844 32,285 24,815 24,441 24,049 32,285 23,638 32,285 23,205 32,285 22,751 32,285 22,274 10,011 32,285 21,774 10,511 32,285 21,248 11,037 32,285 8,236 8,647 9,080 9,534 472,751 464,103 455,023 445,490 435,479 424,968 413,931 20,697 11,588 32,285 402,343 20,117 12,168 32,285 19,509 12,776 32,285 18,870 13,415 32,285 18,199 14,086 17,495 14,790 32,285 335,108 16,755 15,530 32,285 319,578 15,979 16,306 32,285 303,272 15,164 17,121 32,285 286,150 14,308 17,978 32,285 268,173 13,409 18,876 32,285 249,296 12,465 19,820 32,285 229,476 11,474 20,811 32,285 208,665 10,433 21,852 32,285 186,813 9,341 22,944 32,285 163,869 8,193 24,092 32,285 139,777 6,989 25,296 32,285 5,724 26,561 32,285 4,396 27,889 32,285 3,002 29,283 32,285 1,537 30,748 32,285 390,175 377,399 363,984 32,285 349,898 114,481 87,920 60,031 30,748 0
Transcribed Image Text:Prepare all journal entries and adjusting journal entries necessary to record all of Red Robin's transactions related to the note payable information below: Red Robin purchased the building on January 1, 2019, for $496,300 using a note payable. The loan is a 30-year, 5% installment loan with annual payments due every December 31. See amortization table below: Building Loan Amortization Principal Interest Years Payments/year Payment Date 31-Dec-19 31-Dec-20 31-Dec-21 31-Dec-22 31-Dec-23 31-Dec-24 31-Dec-25 31-Dec-26 31-Dec-27 31-Dec-28 31-Dec-29 31-Dec-30 31-Dec-31 31-Dec-32 31-Dec-33 31-Dec-34 31-Dec-35 31-Dec-36 31-Dec-37 31-Dec-38 31-Dec-39 31-Dec-40 31-Dec-41 31-Dec-42 31-Dec-43 31-Dec-44 31-Dec-45 31-Dec-46 31-Dec-47 31-Dec-48 $496,300 5.00% 30 1 32,285 Interest Principal Payment Balance 496,300 488,830 480,986 7,470 32,285 7,844 32,285 24,815 24,441 24,049 32,285 23,638 32,285 23,205 32,285 22,751 32,285 22,274 10,011 32,285 21,774 10,511 32,285 21,248 11,037 32,285 8,236 8,647 9,080 9,534 472,751 464,103 455,023 445,490 435,479 424,968 413,931 20,697 11,588 32,285 402,343 20,117 12,168 32,285 19,509 12,776 32,285 18,870 13,415 32,285 18,199 14,086 17,495 14,790 32,285 335,108 16,755 15,530 32,285 319,578 15,979 16,306 32,285 303,272 15,164 17,121 32,285 286,150 14,308 17,978 32,285 268,173 13,409 18,876 32,285 249,296 12,465 19,820 32,285 229,476 11,474 20,811 32,285 208,665 10,433 21,852 32,285 186,813 9,341 22,944 32,285 163,869 8,193 24,092 32,285 139,777 6,989 25,296 32,285 5,724 26,561 32,285 4,396 27,889 32,285 3,002 29,283 32,285 1,537 30,748 32,285 390,175 377,399 363,984 32,285 349,898 114,481 87,920 60,031 30,748 0
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