Journalizing Installment Notes On the first day of the fiscal year, a company issues $52,000, 11 , five year installment notes that have annual payments of $14,070 The first note payment consists of $5,720 of interest and $8,350 of principal repayment Question Content Area a Journalize the entry to record the issuance of the installment notes If an amount box does not require an entry, leave it blank blank Accounts PayableBonds PayableCashInterest ExpenseInterest PayableNotes Payable Accounts PayableBonds PayableCashInterest ExpenseInterest PayableNotes Payable Question Content Area b Journalize the first annual note payment If an amount box does not require an entry, leave it blank blank Accounts PayableBonds PayableCashInterest ExpenseInterest PayableInterest Receivable Accounts PayableAccounts ReceivableBonds PayableCashInterest PayableNotes Payable Accounts PayableBonds PayableCashInterest ExpenseInterest PayableNotes Payable Determining Cost of Land On Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 in cash and giving a short term note for $319,000 Legal fees paid were $1,605, delinquent taxes assumed were $12,900, and fees paid to remove an old building from the land were $18,800 Materials salvaged from the demolition of the building were sold for $5,300 A contractor was paid $1,079,200 to construct a new warehouse Determine the cost of the land to be reported on the balance sheet $fill in the blank 1

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Journalizing Installment Notes On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070.

Journalizing Installment Notes

On the first day of the fiscal year, a company issues $52,000, 11%, five-year installment notes that have annual payments of $14,070. The first note payment consists of $5,720 of interest and $8,350 of principal repayment.

Question Content Area

a. Journalize the entry to record the issuance of the installment notes. If an amount box does not require an entry, leave it blank.

blank	Accounts PayableBonds PayableCashInterest ExpenseInterest PayableNotes Payable
	Accounts PayableBonds PayableCashInterest ExpenseInterest PayableNotes Payable

Question Content Area

b. Journalize the first annual note payment. If an amount box does not require an entry, leave it blank.

blank	Accounts PayableBonds PayableCashInterest ExpenseInterest PayableInterest Receivable
	Accounts PayableAccounts ReceivableBonds PayableCashInterest PayableNotes Payable
	Accounts PayableBonds PayableCashInterest ExpenseInterest PayableNotes Payable

Determining Cost of Land

On-Time Delivery Company acquired an adjacent lot to construct a new warehouse, paying $36,000 in cash and giving a short-term note for $319,000. Legal fees paid were $1,605, delinquent taxes assumed were $12,900, and fees paid to remove an old building from the land were $18,800. Materials salvaged from the demolition of the building were sold for $5,300. A contractor was paid $1,079,200 to construct a new warehouse.

Determine the cost of the land to be reported on the balance sheet. $fill in the blank 1