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can someone just double check this for me? its saying the answers are incorrect Kemmer Company purchased a building and land with a fair market
can someone just double check this for me? its saying the answers are incorrect
Kemmer Company purchased a building and land with a fair market value of $575.000 (building. $400,000 and land, $175,000) on January 1, 2024. Kemmer signed a 25-year, 15% mortgage payable. Kemmer will make monthly payments of $7,364.78. Round to two decimal places. Explanations are not required for joumal entries. Read the requirements. Date Accounts Debit Credit 2024 Jan. 31 7,187.50 Interest Expense Mortgage Payable Cash 177.28 7,364.78 Requirement 4. Journalize the second payment on February 28, 2024. (Enter amounts to the nearest cent. Record debits first, then credits. Exclude explanations from any joumal entries.) Date Accounts Debit Credit 2024 Feb. 28 Mortgage Payable Interest Expense Cash 179.50 7187.50 7,364.78 Help me solve this Etext pages Get more help Clear all CheckStep by Step Solution
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