Check my work 2 On September 1, 2021, Speedy Lube signed a 30-year, $1,080,000 mortgage note payable to Jonstown Bank and Trust in conjunction with the purchase of a building and land. The mortgage note calls for interest at an annual rate of 12 percent (1 percent per month). The note is fully amortizing over a period of 360 months. 10 points The bank sent Speedy Lube an amortization table showing the allocation of monthly payments between interest and principal over the life of the loan. A small part of this amortization table is illustrated below. (For convenience, amounts have been rounded to the nearest dollar.) eBook Print References Interest Period Issue date 1 2 AMORTIZATION TABLE (12%, 30-YEAR MORTGAGE NOTE PAYABLE FOR $1,080,000; PAYABLE IN 360 MONTHLY INSTALLMENTS OF $11,110) Payment Monthly Interest Principal Date Payment Expense Reduction Sept. 1, 2021 Oct. 1 $ 11, 110 $ 10,800 $ 310 Nov. 1 11,110 10,797 313 Unpaid Balance $1,080,000 1,079,690 1,079,377 Required: b. Prepare journal entries to record the first two monthly payments on this mortgage. c. Complete this amortization table for two more monthly installmentsthose due on December 1, 2021, and January 1, 2022. d. Will any amounts relating to this 30-year mortgage be classified as current liabilities in Speedy Lube's December 31, 2021, balance sheet? Check my work 2 Complete this question by entering your answers in the tabs below. 10 points Required B Required c Required D eBook Prepare journal entries to record the first two monthly payments on this mortgage. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Print View transaction list View journal entry worksheet References No Date General journal Debit Credit 1 Oct 01, 2021 No Transaction Recorded Check my work 2 Complete this question by entering your answers in the tabs below. Required B Required c Required D 10 points Complete this amortization table for two more monthly installments-those due on December 1, 2021, and January 1, 2022. (Round your answers to the nearest dollar amount. Enter all amounts as positive numbers.) eBook Amortization Table Print References Interest Period Payment Date Monthly Payment Interest Expense Reduction in Unpaid Balance Unpaid Balance Issue date Sept. 1, 2021 $ 1 Oct. 1 $ $ $ 310 11,110 11,110 10,800 10,797 1,080,000 1,079,690 1,079,377 2 Nov. 1 313 3 Dec. 1 Jan. 1, 2022 4 Check my work 2. Complete this question by entering your answers in the tabs below. Required B Required C Required D 10 points Will any amounts relating to this 30-year mortgage be classified as current liabilities in Speedy Lube's December 31, 2021, balance sheet? eBook Will any amounts relating to this 30-year mortgage be classified as current liabilities? Print References
