Question
14. Jindal Industries issues a $1,200,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for
14. Jindal Industries issues a $1,200,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for semiannual installment payments of $96,290.
Instructions:
- Prepare the entry to record the mortgage loan on December 31, 2020, and
- Prepare a schedule showing semiannual installment payment for 2021.
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Accounting Principles
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
13th edition
978-1-119-4110, 1119411483, 9781119411017, 978-1119411482
