Question
Kellerman Company purchased a building and land with a fair market value of $525,000 (building, $375,000 and land, $150,000) on January 1, 2016. Kellerman signed
KellermanCompany purchased a building and land with a fair market value of $525,000(building, $375,000 andland, $150,000)on January 1, 2016.Kellermansigned a 15 year, 10%mortgage payable. Kellermanwill make monthly payments of $5,641.68.
Prepare an amortization schedule for the first two payments.
| Beginning Balance | Principa Payment | Interest Expense | Total Payment | Ending Balance | |
| 1/1/2016 | 525,000 | ||||
| 1/31/2016 | |||||
| 2/28/2016 |
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Financial Accounting in an Economic Context
Authors: Jamie Pratt
8th Edition
9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292
