Orbit Corp. issued a $410,000, 9 percent mortgage on January 1, 2018, to purchase warehouses. Requirements 1.

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Orbit Corp. issued a $410,000, 9 percent mortgage on January 1, 2018, to purchase warehouses.

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Requirements

1. Complete the amortization schedule for Orbit Corp., assuming payments are made semiannually. Round amounts to the nearest dollar.

2. Record the journal entries for (a) issuance of the mortgage on January 1, 2018, and (b) the first semiannual payment on June 30, 2018.

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Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-0134727790

5th edition

Authors: Robert Kemp, Jeffrey Waybright

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