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Crane Well Services Ltd. purchased equipment for $888,000 on September 30,2024 . The equipment was purchased with a $171,000 cash down payment and through the
Crane Well Services Ltd. purchased equipment for $888,000 on September 30,2024 . The equipment was purchased with a $171,000 cash down payment and through the issue of a $717,000,5-year, 4.8% mortgage note payable for the balance. The terms provide for the mortgage to be repaid in monthly blended payments of $13,465 starting on October 31 . Record the first four instalment payments on October 31 and January 31 assuming that the terms provided for monthly fixed principal payments of $11,950, rather than blended payments of $13,465. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)
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