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Exercise 10-24 Blossom Company receives $385,000 when it issues a $385,000, 6%, mortgage note payable to finance the construction of a building at December 31,
Exercise 10-24 Blossom Company receives $385,000 when it issues a $385,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $39,641 on December 31. Prepare the mortgage payable table showing interest and principal amounts. (Round answers to o decimal places, e.g. 5,275.) Annual Cash Interest Reduction Principal Interest of Principal Period Payment Expense Balance Issue date 12/31/18 12/31/19
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