Kaiser Company's partial amortization schedule follows:

Requirements
1. Journalize the note issuance and the reclassification of the current portion on January 1, 2013 (explanations are not required).
2. Journalize the first payment on January 31, 2013 (do not round).
3. Journalize the second payment on February 28, 2013 (do notround).

Transcribed Image Text:

Interest Expense (Principal x 6% x 1/12) Principal Mortgage Balance Payment # Date Payment Loan 1/1/2013 500,000.00 1/31/2013 3,597.30 2,500.00 1,097.30 498,902.70 2/28/2013 2,494.51 2. 3,597.30 1,102.79 497,799.91 3,597.30 3,597.30 3 3/31/2013 2,489.00 1,108.30 496,691.61 4 4/30/2013 2,483.46 1,113.84 495,577.77 5/31/2013 3,597.30 2,477.89 1,119.41 494,458.36 6. 493,333.35 6/30/2013 3,597.30 2,472.29 1,125.01 7131/2013 2,466.67 1,130.63 492,202.72 3,597.30 3,597.30 8/31/2013 2,461.01 1,136.29 491,066.43 9/30/2013 2,455.33 3,597.30 1,141.97 489,924.46 10 10/31/2013 3,597.30 2,449.62 1,147.68 488,776.78 2,443.88 487,623.36 11 11/30/2013 3,597.30 1,153.42 12 12/31/2013 3,597.30 2,438.12 1,159.18 486,464.18 2013 totals 43,167.60 29,631.78 13,535.82