List of Accounts:

• Accumulated Depreciation - Buildings
• Accumulated Depreciation - Equipment
• Accumulated Depreciation - Machinery
• Allowance for Doubtful Accounts
• Bad Debt Expense
• Bond Interest Payable
• Bonds Payable
• Buildings
• Cash
• Common Shares
• Cost of Goods Sold
• Depreciation Expense
• Equipment
• FV-NI Investments
• FV-OCI Investments
• Gain on Disposal of Buildings
• Gain on Disposal of Equipment
• Gain on Disposal of Machinery
• Gain on Redemption of Bonds
• Gain on Restructuring of Debt
• Gain on Sale of Investments
• Interest Expense
• Interest Income
• Interest Payable
• Interest Receivable
• Inventory
• Investment Property
• Land
• Loss on Disposal of Machinery
• Loss on Redemption of Bonds
• Loss on Retirement of Bonds
• Loss on Restructuring of Debt
• Loss on Sale of Investments
• Machinery
• Modification Gain or Loss
• Mortgage Payable
• No Entry
• Notes Payable
• Notes Receivable
• Sales Revenue
• Unearned Revenue
• Unrealized Gain or Loss
• Unrealized Gain or Loss - OCI

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all of the above are part of the same question

all of the information is given

On June 1, 2020, Flint Corporation approached Silverman Corporation about buying a parcel of undeveloped land. Silverman was asking $254.000 for the land and Flint saw that there was some flexibility in the asking price. Flint did not have enough money to make a cash offer to Silverman and proposed to give, in return for the land, a $300.000, five-year promissory note that bears interest at the rate of 5%. The interest is to be paid annually to Silverman Corporation on June 1 of each of the next five years. Silverman insisted that the note taken in return become a mortgage note. Silverman accepted the amended offer, and Flint signed a mortgage note for $300.000 due June 1, 2025. Flint would have had to pay 10% at its local bank if it were to borrow the cash for the land purchase. Silverman, on the other hand, could borrow the funds at 9%. Both Flint and Silverman have calendar year ends. Using (1) factor tables (2) a financial calculator, or (3) Excel function PV.calculate the purchase price of the land and prepare an effective interest amortization table for the term of the mortgage note payable that is given in the exchange. (Hint: Refer to Chapter 3 for tips on calculating.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to decimal places, e.g. 5,275.) Purchase price of the land $ 243138 Mortgage Note Payable - Interest Amortization Cash Paid Interest Expense Discount Amortized Note Carrying Amount $ 243138 15000 $ 24314 9314 252452 15000 25245 10245 262697 15000 26270 11270 273967 15000 27397 12397 286363 15000 28636 13636 300000 131862 $ 56862 Prepare the journal entry for the purchase of the land (Round answers to decimal places, eg. 5,275. 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 for the amounts.) Date Account Titles and Explanation Debit Credit June 1, 2020 Land 243138 Cash 243138 Prepare any adjusting entry that is required at the end of the fiscal year and the first payment made on June 1, 2021, assuming no reversing entries are used. (Round answers to decimal places, e.g. 5,275. 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Interest Expense 14183 Interest Payable 8750 Notes Payable 5433 June 1, 2021 Interest Expense 10131 Interest Payable 8750 Cash 15000 Notes Payable 3881 Assume that Silverman had insisted on obtaining an instalment note from Flint instead of a mortgage note. Using (1) factor tables. (2) a financial calculator, or (3) Excel function PMT.calculate the amount of the instalment payments that would be required for a five-year instalment note. (Hint: Refer to Chapter 3 for tips on calculating.) Use the same cost of the land to Flint Corporation that you determined for the mortgage note in a previous part of the question. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to decimal places, eg. 5,275.) Amount of the instalment $ 62509 Assume that Silverman had insisted on obtaining an instalment note from Flint instead of a mortgage note. Prepare an effective interest amortization table for the five-year term of the instalment note. (Round factor values to 5 decimal places, eg. 1.25124 and final answers to O decimal places, eg. 5,275. Do not leave any answer field blank. Enter for amounts.) Instalment Note Payable Cash Paid Interest Expense Discount Amortized Note Carrying Amount $ $ 243138 $ 62509 $ 21882 40627 202511 62509 18226 44283 158228 62509 14241 48268 109960 62509 9896 52613 57347 62509 5161 57348 0 $ 69607 $ 243138 Prepare the journal entry for the purchase of the land and the issuance of the instalment note. (Round answers to O decimal places, eg. 5,275. 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 tities and enter for the amounts.) Date Account Titles and Explanation Debit Credit June 1, 2020 Land 243138 Notes Payable 243138 Prepare any adjusting journal entry that is required at the end of the fiscal year and the first payment made on June 1, 2021, assuming no reversing entries are used. (Round answers to decimal places, eg. 5,275. 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 entero for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, Interest Expense 2020 12765 Interest Payable 12765 June 1, 2021 Interest Expense 9118 Interest Payable 12765 Notes Payable 40267 Cash 62509 Compare the balances of the two different notes payable and related accounts at December 31, 2020. Be specific about the classifications on the statement of financial position. Mortgage Note Payable Flint Corporation (Partial) Statement of Financial Position December 31, 2020 Non-current Liabilities Notes Payable $ 248571 Current Liabilities Interest Payable 5433 Instalment Note Payable Flint Corporation (Partial) Statement of Financial Position December 31, 2020 Current Liabilities Interest Payable TA 12765 Notes Payable 40627 Non-current Liabilities Notes Payable 202511 On June 1, 2020, Flint Corporation approached Silverman Corporation about buying a parcel of undeveloped land. Silverman was asking $254.000 for the land and Flint saw that there was some flexibility in the asking price. Flint did not have enough money to make a cash offer to Silverman and proposed to give, in return for the land, a $300.000, five-year promissory note that bears interest at the rate of 5%. The interest is to be paid annually to Silverman Corporation on June 1 of each of the next five years. Silverman insisted that the note taken in return become a mortgage note. Silverman accepted the amended offer, and Flint signed a mortgage note for $300.000 due June 1, 2025. Flint would have had to pay 10% at its local bank if it were to borrow the cash for the land purchase. Silverman, on the other hand, could borrow the funds at 9%. Both Flint and Silverman have calendar year ends. Using (1) factor tables (2) a financial calculator, or (3) Excel function PV.calculate the purchase price of the land and prepare an effective interest amortization table for the term of the mortgage note payable that is given in the exchange. (Hint: Refer to Chapter 3 for tips on calculating.) (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to decimal places, e.g. 5,275.) Purchase price of the land $ 243138 Mortgage Note Payable - Interest Amortization Cash Paid Interest Expense Discount Amortized Note Carrying Amount $ 243138 15000 $ 24314 9314 252452 15000 25245 10245 262697 15000 26270 11270 273967 15000 27397 12397 286363 15000 28636 13636 300000 131862 $ 56862 Prepare the journal entry for the purchase of the land (Round answers to decimal places, eg. 5,275. 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 for the amounts.) Date Account Titles and Explanation Debit Credit June 1, 2020 Land 243138 Cash 243138 Prepare any adjusting entry that is required at the end of the fiscal year and the first payment made on June 1, 2021, assuming no reversing entries are used. (Round answers to decimal places, e.g. 5,275. 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 for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Interest Expense 14183 Interest Payable 8750 Notes Payable 5433 June 1, 2021 Interest Expense 10131 Interest Payable 8750 Cash 15000 Notes Payable 3881 Assume that Silverman had insisted on obtaining an instalment note from Flint instead of a mortgage note. Using (1) factor tables. (2) a financial calculator, or (3) Excel function PMT.calculate the amount of the instalment payments that would be required for a five-year instalment note. (Hint: Refer to Chapter 3 for tips on calculating.) Use the same cost of the land to Flint Corporation that you determined for the mortgage note in a previous part of the question. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to decimal places, eg. 5,275.) Amount of the instalment $ 62509 Assume that Silverman had insisted on obtaining an instalment note from Flint instead of a mortgage note. Prepare an effective interest amortization table for the five-year term of the instalment note. (Round factor values to 5 decimal places, eg. 1.25124 and final answers to O decimal places, eg. 5,275. Do not leave any answer field blank. Enter for amounts.) Instalment Note Payable Cash Paid Interest Expense Discount Amortized Note Carrying Amount $ $ 243138 $ 62509 $ 21882 40627 202511 62509 18226 44283 158228 62509 14241 48268 109960 62509 9896 52613 57347 62509 5161 57348 0 $ 69607 $ 243138 Prepare the journal entry for the purchase of the land and the issuance of the instalment note. (Round answers to O decimal places, eg. 5,275. 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 tities and enter for the amounts.) Date Account Titles and Explanation Debit Credit June 1, 2020 Land 243138 Notes Payable 243138 Prepare any adjusting journal entry that is required at the end of the fiscal year and the first payment made on June 1, 2021, assuming no reversing entries are used. (Round answers to decimal places, eg. 5,275. 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 entero for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31, Interest Expense 2020 12765 Interest Payable 12765 June 1, 2021 Interest Expense 9118 Interest Payable 12765 Notes Payable 40267 Cash 62509 Compare the balances of the two different notes payable and related accounts at December 31, 2020. Be specific about the classifications on the statement of financial position. Mortgage Note Payable Flint Corporation (Partial) Statement of Financial Position December 31, 2020 Non-current Liabilities Notes Payable $ 248571 Current Liabilities Interest Payable 5433 Instalment Note Payable Flint Corporation (Partial) Statement of Financial Position December 31, 2020 Current Liabilities Interest Payable TA 12765 Notes Payable 40627 Non-current Liabilities Notes Payable 202511