PROBLEM A - Ballerina Dance SchoolOn June 1, 2019, Ballerina Dance School borrowed P400.oo0 on a 15-year mortgage to purchase landand a building. The land and building are pledged as collateral on the mortgage, which has an interestrate of 12 percent compounded monthly. The payments of P4,800 are made at the end of each month,beginning on June 30, 20 19.RequiredPrepare the ournal entry for the purchase of the land and building, assuming that P100.000 isassignable to the land.b.a.Prepare an amortization table for the mortgage for the year 2019,Prepare joumal entries for the monthly pavments on June 3O.July 31 and August 31. Round theC.amounts to the nearest peso.d.How much is the mortgage liability account at the eno of the year?

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PROBLEM A- On June 1, 2019, Ballerina Dance School borowed P400.000 on a 15-year mortgage to purchase land Ballerina Dance School and a building. The land and building are pledged as collateral on the mortgage. which has an interest rate of 12 percent compounded monthly. The payments of P4,800 are made at the end of each month. beginning on June 30, 2019. Required Prepare the journal entry for the purchase of the land and building, assuming that P100.000 is assignable to the land. Prepare an amortization table for the mortgage for the year 2019. Prepare joumal entries for the monthly payments on June 30, July 31. and August 31. Round the a. b. C. amounts to the nearest peso. d. How much is the mortgage liability account at the end cf the year?

PROBLEM A- On June 1, 2019, Ballerina Dance School borowed P400.000 on a 15-year mortgage to purchase land Ballerina Dance School and a building. The land and building are pledged as collateral on the mortgage. which has an interest rate of 12 percent compounded monthly. The payments of P4,800 are made at the end of each month. beginning on June 30, 2019. Required Prepare the journal entry for the purchase of the land and building, assuming that P100.000 is assignable to the land. Prepare an amortization table for the mortgage for the year 2019. Prepare joumal entries for the monthly payments on June 30, July 31. and August 31. Round the a. b. C. amounts to the nearest peso. d. How much is the mortgage liability account at the end cf the year?

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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