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Answer all, thank you Required information [The following information applies to the questions displayed below.) On January 1, 2021, Gundy Enterprises purchases an office building
Answer all, thank you
Required information [The following information applies to the questions displayed below.) On January 1, 2021, Gundy Enterprises purchases an office building for $283,000, paying $53,000 down and borrowing the remaining $230,000, signing a 8%, 10-year mortgage. Installment payments of $2,790.53 are due at the end of each month, with the first payment due on January 31, 2021. 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Decrease in Date Cash Paid Interest Expense Carrying Value Carrying Value 1/1/2021 1/31/2021 2/28/2021 Required information (The following information applies to the questions displayed below.) On January 1, 2021, Splash City issues $490,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Assuming the market interest rate on the issue date is 7%, the bonds will issue at $535,061. 2. Record the bond issue on January 1, 2021, and the first two semiannual interest payments on June 30, 2021, and December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Round your final answers to the nearest whole dollar.) Answer is not complete. No Date General Journal Debit Credit 1 January 01, 2021 Cash Bonds Payable $ 490,000 X 490,000 2 June 30, 2021 19,600 X Interest Expense Cash x 19,600 x On January 1, 2021, Gundy Enterprises purchases an office building for $283,000, paying $53,000 down and borrowing the remaining $230,000, signing a 8%, 10-year mortgage. Installment payments of $2,790.53 are due at the end of each month, with the first payment due on January 31, 2021. Required: 1. Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the first monthly mortgage payment. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2021Step by Step Solution
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