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5. Space Corp. issued a $410,000, 9 percent mortgage on January 1, 2018, to purchase warehouses. Read the requirements. Requirement 1. Complete the amortization schedule
5. Space Corp. issued a $410,000, 9 percent mortgage on January 1, 2018, to purchase warehouses. Read the requirements. Requirement 1. Complete the amortization schedule for Space Corp., assuming payments are made semiannually. (Round amounts to the nearest dollar.) Date Payment Interest Principal Loan Balance 410,000 25,171 Jan 1, 2018 Jun 30, 2018 Dec 31, 2018 Jun 30, 2019 Dec 31, 2019 Jun 30, 2020 Requirement 2. Record the journal entries for (a) issuance of mortgage on January 1, 2018, and (b) the first semiannual payment on June 30, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) a. Record the journal entry for the issuance of mortgage on January 1, 2018. Journal Entry Accounts Debit Credit Date Jan 1 (1) (2) b. Record the journal entry for the the first semiannual payment on June 30, 2018. Journal Entry Date Accounts Debit Credit Jun 30 (5) 4: Requirements 1. Complete the amortization schedule for Space Corp., assuming payments are made semiannually. Round amounts to the nearest dollar. 2. Record the journal entries for (a) issuance of mortgage on January 1, 2018, and (b) the first semiannual payment on June 30, 2018
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