Exercise 9-3 (Algo) Record installment notes (LO9-2) On January 1, 2024, Cooke Company purchased land costing $659,000. Instead of paying cash at the time of purchase, Cooke plans to make four instaliment payments of $177,288.82 on June 30 and December 31 in 2024 and 2025 . The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first instaliment payment on June 30, 2024, and the second instaliment payment on December 31,2024 . 3. Calculate the balance of Notes Payable and Interest Expense on December 31, 2024. Complete this question by entering your answers in the tabs below. Record the purchase of land when the note is issued. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the issue of Notes Payable for Land. Note: Enter debits before credits: Exercise 9-3 (Algo) Record installment notes (LO9-2) On January 1, 2024, Cooke Company purchased land costing $659,000. Instead of paying cash at the time of purchase, Cooke plans to make four instaliment payments of $177,288.82 on June 30 and December 31 in 2024 and 2025 . The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first installment payment on June 30, 2024, and the second installment payment on December 31,2024. 3. Calculate the balance of Notes Payable and interest Expense on December 31, 2024. Complete this question by entering your answers in the tabs below. Record the first installment payment on June 30, 2024, and the second instaliment payment on December 31, 2024. (Do not tound intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a porticular transaction/event, select "No Journal Entry Requifed" in the first account field.) Journal entry worksheet Record the payment of first instaliment on note. Notes Enter debits befare credits. Exercise 9-3 (Algo) Record installment notes (LO9-2) On January 1, 2024, Cooke Company purchased land costing $659.000. Instead of paying cash at the time of purchase, Cooke plans to make four installment payments of $177,288.82 on June 30 and December 31 in 2024 and 2025 . The payments include interest at a rate of 6%, Required: 1. Record the purchase of land when the note is issued. 2. Record the first instaliment payment on June 30, 2024, and the second installment payment on December 31,2024 , 3. Calculate the balance of Notes Payable and Interest Expense on December 31, 2024. Complete this question by entering your answers in the tabs below. Record the first instailment payment on June 30, 2024, and the second instaliment payment on December 31, 2024. (Do not round Intermediate calculations, Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the payment of second instaliment on note. Notel Entor debits before credits. Exercise 9-3 (Algo) Record installment notes (LO9-2) On January 1, 2024, Cooke Company purchased land costing $659,000. Instead of paying cash at the time of purchase, Cooke plans to make four installment payments of $177,288.82 on June 30 and December 31 in 2024 and 2025. The payments include interest ot a rate of 6% Required: 1. Record the purchase of land when the note is issued. 2. Record the first instaliment payment on June 30, 2024, and the second installment payment on December 31,2024 . 3. Calculate the balance of Notes. Payable and Interest Expense on December 31, 2024. Complete this question by entering your answers in the tabs below. Calculate the balance of Notes Payable and Interest Expense on December 31, 2024. (Do not round intermediate calculations. Round your answers to 2 decimal places.)
