Ef 93. Requirements1.Journalize the mortgage payable issuance on January 1, 2024.2. Prepare an amortization schedule for the first two payments.3. Journalize the first payment on January 31, 2024.4. Journalize the second payment on February 28, 2024. Kahl Company purchased a building and land with a fair market value of $600,000 (building, $450,000 and land,$150,000) on January 1, 2024. Kahl signed a 30-year, 13% mortgage payable. Kahl will make monthly payments of$6,637.20. Round to two decimal places. Explanations are not required for journal entries.Read the requirements.Requirement 1. Journalize the mortgage payable issuance on January 1, 2024. (Record debits first, then credits.Exclude explanations from any journal entries.)Date2024Jan. 11130131AccountsDebitCredit

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Requirements 1. Journalize the mortgage payable issuance on January 1, 2024. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2024. 2.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

Ef 93.

Requirements
1.
Journalize the mortgage payable issuance on January 1, 2024.
2. Prepare an amortization schedule for the first two payments.
3. Journalize the first payment on January 31, 2024.
4. Journalize the second payment on February 28, 2024.

Kahl Company purchased a building and land with a fair market value of $600,000 (building, $450,000 and land,
$150,000) on January 1, 2024. Kahl signed a 30-year, 13% mortgage payable. Kahl will make monthly payments of
$6,637.20. Round to two decimal places. Explanations are not required for journal entries.
Read the requirements.
Requirement 1. Journalize the mortgage payable issuance on January 1, 2024. (Record debits first, then credits.
Exclude explanations from any journal entries.)
Date
2024
Jan. 1
1130131
Accounts
Debit
Credit

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