( n ) periods 2 2 3 4 5 6 7 8 9 10 11 12 15 1 0 98039 0 97561 0 97087 0 96156 0 95238 0 94340 0 93458 0 92593 0 91743 0 90909 0 90090 0 89286 0 86957 2 0 96117 0 95181 0 94260 0 92456 0 90703 0 89000 0 87344 0 85734 0 84168 0 82645 0 81162 0 79719 0 75614 3 0 94232 0 92860 0 91514 0 88900 0 86384 0 83962 0 81630 0 79383 0 77218 0 75132 0 73119 0 71178 0 65752 4 0 92385 0 90595 0 88849 0 85480 0 82270 0 79209 0 76290 0 73503 0 70843 0 68301 0 65873 0 63552 0 57175 5 0 90583 0 88385 0 86261 0 82193 0 78353 0 74726 0 71299 0 68058 0 64993 0 62092 0 59345 0 56743 0 49718 6 0 88797 0 86230 0 83748 0 79031 0 74622 0 70496 0 66634 0 63017 0 59627 0 56447 0 53464 0 50663 0 43233 7 0 87056 0 84127 0 81309 0 75992 0 71068 0 66506 0 62275 0 58349 0 54703 0 51316 0 48166 0 45235 0 37594 8 0 85349 0 82075 0 78941 0 73069 0 67684 0 62741 0 58201 0 54027 0 50187 0 46651 0 43393 0 40388 0 32690 9 0 83676 0 80073 0 76642 0 70259 0 64461 0 59190 0 54393 0 50025 0 46043 0 42410 0 39092 0 36061 0 28426 10 0 82035 0 78120 0 74409 0 67556 0 61391 0 55839 0 50835 0 46319 0 42241 0 38554 0 35218 0 32197 0 24719 11 0 80426 0 76214 0 72242 0 64958 0 58468 0 52679 0 47509 0 42888 0 38753 0 35049 0 31728 0 28748 0 21494 12 0 78849 0 74356 0 70138 0 62460 0 55684 0 49697 0 44401 0 39711 0 35554 0 31863 0 28584 0 25668 0 18691 13 0 77303 0 72542 0 68095 0 60057 0 53032 0 46884 0 41496 0 36770 0 32618 0 28966 0 25751 0 22917 0 16253 14 0 75788 0 70773 0 66112 0 57748 0 50507 0 44230 0 38782 0 34046 0 29925 0 26333 0 23199 0 20462 0 14133 15 0 74301 0 69047 0 64186 0 55526 0 48102 0 41727 0 36245 0 31524 0 27454 0 23939 0 20900 0 18270 0 12289 16 0 72845 0 67362 0 62317 0 53391 0 45811 0 39365 0 33873 0 29189 0 25187 0 21763 0 18829 0 16312 0 10687 17 0 71416 0 65720 0 60502 0 51337 0 43630 0 37136 0 31657 0 27027 0 23107 0 19785 0 16963 0 14564 0 09293 18 0 70016 0 64117 0 58739 0 49363 0 41552 0 35034 0 29586 0 25025 0 21199 0 17986 0 15282 0 13004 0 08081 19 0 68643 0 62553 0 57029 0 47464 0 39573 0 33051 0 27651 0 23171 0 19449 0 16351 0 13768 0 11611 0 07027 20 0 67297 0 61027 0 55368 0 45639 0 37689 0 31180 0 25842 0 21455 0 17843 0 14864 0 12403 0 10367 0 06110 PV 11(1 i)ni ( n ) Periods 2 2 3 4 5 6 7 8 9 10 11 12 15 1 0 98039 0 97561 0 97087 0 96154 0 95238 0 94340 0 93458 0 92593 0 91743 0 90909 0 90090 0 89286 0 86957 2 1 94156 1 92742 1 91347 1 88609 1 85941 1 83339 1 80802 1 78326 1 75911 1 73554 1 71252 1 69005 1 62571 3 2 88388 2 85602 2 82861 2 77509 2 72325 2 67301 2 62432 2 57710 2 53130 2 48685 2 44371 2 40183 2 28323 4 3 80773 3 76197 3 71710 3 62990 3 54595 3 46511 3 38721 3 31213 3 23972 3 16986 3 10245 3 03735 2 85498 5 4 71346 4 64583 4 57971 4 45182 4 32948 4 21236 4 10020 3 99271 3 88965 3 79079 3 69590 3 60478 3 35216 6 5 60143 5 50813 5 41719 5 24214 5 07569 4 91732 4 76654 4 62288 4 48592 4 35526 4 23054 4 11141 3 78448 7 6 47199 6 34939 6 23028 6 00205 5 78637 5 58238 5 38929 5 20637 5 03295 4 86842 4 71220 4 56376 4 16042 8 7 32548 7 17014 7 01969 6 73274 6 46321 6 20979 5 97130 5 74664 5 53482 5 33493 5 14612 4 96764 4 48732 9 8 16224 7 97087 7 78611 7 43533 7 10782 6 80169 6 51523 6 24689 5 99525 5 75902 5 53705 5 32825 4 77158 10 8 98259 8 75206 8 53020 8 11090 7 72173 7 36009 7 02358 6 71008 6 41766 6 14457 5 88923 5 65022 5 01877 11 9 78685 9 51421 9 25262 8 76048 8 30641 7 88687 7 49867 7 13896 6 80519 6 49506 6 20652 5 93770 5 23371 12 10 57534 10 25776 9 95400 9 38507 8 86325 8 38384 7 94269 7 53608 7 16073 6 81369 6 49236 6 19437 5 42062 13 11 34837 10 98319 10 63496 9 98565 9 39357 8 85268 8 35765 7 90378 7 48690 7 10336 6 74987 6 42355 5 58315 14 12 10625 11 69091 11 29607 10 56312 9 89864 9 29498 8 74547 8 24424 7 78615 7 36669 6 98187 6 62817 5 72448 15 12 84926 12 38138 11 93794 11 11839 10 37966 9 71225 9 10791 8 55948 8 06069 7 60608 7 19087 6 81086 5 84737 16 13 57771 13 05500 12 56110 11 65230 10 83777 10 10590 9 44665 8 85137 8 31256 7 82371 7 37916 6 97399 5 95424 17 14 29187 13 71220 13 16612 12 16567 11 27407 10 47726 9 76322 9 12164 8 54363 8 02155 7 54879 7 11963 6 04716 18 14 99203 14 35336 13 75351 12 65930 11 68959 10 82760 10 05909 9 37189 8 75563 8 20141 7 70162 7 24967 6 12797 19 15 67846 14 97889 14 32380 13 13394 12 08532 11 15812 10 33560 9 60360 8 95012 8 36492 7 83929 7 36578 6 19823 20 16 35143 15 58916 14 87747 13 59033 12 46221 11 46992 10 59401 9 81815 9 12856 8 51356 7 96333 7 46944 6 25933 1 On January 1, 2020, Pronghorn Corporation acquired the following properties Investment property consisting of land and an apartment building in Toronto for $1 5 million To finance this transaction Pronghorn Corporation issued a five year interest free promissory note to repay $ 2,307,941 on January 1, 2025 Vacant land in Rome, Italy for $ 3 million To finance this transaction, Pronghorn Corporation obtained a 8 mortgage for the full purchase price, secured by the land, with a maturity date of January 1, 2030 Interest is payable annually If Pronghorn Corporation borrowed this money from the bank, the company would need to pay 9 interest 2 Click here to view the factor table PRESENT VALUE OF 1 Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1 Using (1) factor tables (2) a financial calculator, or (3) Excel function PV calculate the value of the mortgage Using the calculation from the tables, record Pronghorn Corporation's journal entries on January 1, 2020, for each of the purchases (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 answer 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 Jan 1, 2020 (To record purchase of land and building) Jan 1, 2020 (To record purchase of land) eTextbook and Media List of Accounts Record the interest at the end of the first year on both instruments using the effective interest method (Round answers too 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 ) Account Titles and Explanation Debit Credit (To record interest on five year note)

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( n ) periods 2% 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 15% 1 0.98039 0.97561 0.97087 0.96156 0.95238 0.94340 0.93458

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(n) periods	2%	2%	3%	4%	5%	6%	7%	8%	9%	10%	11%	12%	15%
1	0.98039	0.97561	0.97087	0.96156	0.95238	0.94340	0.93458	0.92593	0.91743	0.90909	0.90090	0.89286	0.86957
2	0.96117	0.95181	0.94260	0.92456	0.90703	0.89000	0.87344	0.85734	0.84168	0.82645	0.81162	0.79719	0.75614
3	0.94232	0.92860	0.91514	0.88900	0.86384	0.83962	0.81630	0.79383	0.77218	0.75132	0.73119	0.71178	0.65752
4	0.92385	0.90595	0.88849	0.85480	0.82270	0.79209	0.76290	0.73503	0.70843	0.68301	0.65873	0.63552	0.57175
5	0.90583	0.88385	0.86261	0.82193	0.78353	0.74726	0.71299	0.68058	0.64993	0.62092	0.59345	0.56743	0.49718
6	0.88797	0.86230	0.83748	0.79031	0.74622	0.70496	0.66634	0.63017	0.59627	0.56447	0.53464	0.50663	0.43233
7	0.87056	0.84127	0.81309	0.75992	0.71068	0.66506	0.62275	0.58349	0.54703	0.51316	0.48166	0.45235	0.37594
8	0.85349	0.82075	0.78941	0.73069	0.67684	0.62741	0.58201	0.54027	0.50187	0.46651	0.43393	0.40388	0.32690
9	0.83676	0.80073	0.76642	0.70259	0.64461	0.59190	0.54393	0.50025	0.46043	0.42410	0.39092	0.36061	0.28426
10	0.82035	0.78120	0.74409	0.67556	0.61391	0.55839	0.50835	0.46319	0.42241	0.38554	0.35218	0.32197	0.24719
11	0.80426	0.76214	0.72242	0.64958	0.58468	0.52679	0.47509	0.42888	0.38753	0.35049	0.31728	0.28748	0.21494
12	0.78849	0.74356	0.70138	0.62460	0.55684	0.49697	0.44401	0.39711	0.35554	0.31863	0.28584	0.25668	0.18691
13	0.77303	0.72542	0.68095	0.60057	0.53032	0.46884	0.41496	0.36770	0.32618	0.28966	0.25751	0.22917	0.16253
14	0.75788	0.70773	0.66112	0.57748	0.50507	0.44230	0.38782	0.34046	0.29925	0.26333	0.23199	0.20462	0.14133
15	0.74301	0.69047	0.64186	0.55526	0.48102	0.41727	0.36245	0.31524	0.27454	0.23939	0.20900	0.18270	0.12289
16	0.72845	0.67362	0.62317	0.53391	0.45811	0.39365	0.33873	0.29189	0.25187	0.21763	0.18829	0.16312	0.10687
17	0.71416	0.65720	0.60502	0.51337	0.43630	0.37136	0.31657	0.27027	0.23107	0.19785	0.16963	0.14564	0.09293
18	0.70016	0.64117	0.58739	0.49363	0.41552	0.35034	0.29586	0.25025	0.21199	0.17986	0.15282	0.13004	0.08081
19	0.68643	0.62553	0.57029	0.47464	0.39573	0.33051	0.27651	0.23171	0.19449	0.16351	0.13768	0.11611	0.07027
20	0.67297	0.61027	0.55368	0.45639	0.37689	0.31180	0.25842	0.21455	0.17843	0.14864	0.12403	0.10367	0.06110

PV=11(1+i)ni
(n) Periods	2%	2%	3%	4%	5%	6%	7%	8%	9%	10%	11%	12%	15%
1	0.98039	0.97561	0.97087	0.96154	0.95238	0.94340	0.93458	0.92593	0.91743	0.90909	0.90090	0.89286	0.86957
2	1.94156	1.92742	1.91347	1.88609	1.85941	1.83339	1.80802	1.78326	1.75911	1.73554	1.71252	1.69005	1.62571
3	2.88388	2.85602	2.82861	2.77509	2.72325	2.67301	2.62432	2.57710	2.53130	2.48685	2.44371	2.40183	2.28323
4	3.80773	3.76197	3.71710	3.62990	3.54595	3.46511	3.38721	3.31213	3.23972	3.16986	3.10245	3.03735	2.85498
5	4.71346	4.64583	4.57971	4.45182	4.32948	4.21236	4.10020	3.99271	3.88965	3.79079	3.69590	3.60478	3.35216
6	5.60143	5.50813	5.41719	5.24214	5.07569	4.91732	4.76654	4.62288	4.48592	4.35526	4.23054	4.11141	3.78448
7	6.47199	6.34939	6.23028	6.00205	5.78637	5.58238	5.38929	5.20637	5.03295	4.86842	4.71220	4.56376	4.16042
8	7.32548	7.17014	7.01969	6.73274	6.46321	6.20979	5.97130	5.74664	5.53482	5.33493	5.14612	4.96764	4.48732
9	8.16224	7.97087	7.78611	7.43533	7.10782	6.80169	6.51523	6.24689	5.99525	5.75902	5.53705	5.32825	4.77158
10	8.98259	8.75206	8.53020	8.11090	7.72173	7.36009	7.02358	6.71008	6.41766	6.14457	5.88923	5.65022	5.01877
11	9.78685	9.51421	9.25262	8.76048	8.30641	7.88687	7.49867	7.13896	6.80519	6.49506	6.20652	5.93770	5.23371
12	10.57534	10.25776	9.95400	9.38507	8.86325	8.38384	7.94269	7.53608	7.16073	6.81369	6.49236	6.19437	5.42062
13	11.34837	10.98319	10.63496	9.98565	9.39357	8.85268	8.35765	7.90378	7.48690	7.10336	6.74987	6.42355	5.58315
14	12.10625	11.69091	11.29607	10.56312	9.89864	9.29498	8.74547	8.24424	7.78615	7.36669	6.98187	6.62817	5.72448
15	12.84926	12.38138	11.93794	11.11839	10.37966	9.71225	9.10791	8.55948	8.06069	7.60608	7.19087	6.81086	5.84737
16	13.57771	13.05500	12.56110	11.65230	10.83777	10.10590	9.44665	8.85137	8.31256	7.82371	7.37916	6.97399	5.95424
17	14.29187	13.71220	13.16612	12.16567	11.27407	10.47726	9.76322	9.12164	8.54363	8.02155	7.54879	7.11963	6.04716
18	14.99203	14.35336	13.75351	12.65930	11.68959	10.82760	10.05909	9.37189	8.75563	8.20141	7.70162	7.24967	6.12797
19	15.67846	14.97889	14.32380	13.13394	12.08532	11.15812	10.33560	9.60360	8.95012	8.36492	7.83929	7.36578	6.19823
20	16.35143	15.58916	14.87747	13.59033	12.46221	11.46992	10.59401	9.81815	9.12856	8.51356	7.96333	7.46944	6.25933

1. On January 1, 2020, Pronghorn Corporation acquired the following properties: Investment property consisting of land and an apartment building in Toronto for $1.5 million. To finance this transaction Pronghorn Corporation issued a five-year interest-free promissory note to repay $ 2,307,941 on January 1, 2025. Vacant land in Rome, Italy for $ 3 million. To finance this transaction, Pronghorn Corporation obtained a 8% mortgage for the full purchase price, secured by the land, with a maturity date of January 1, 2030. Interest is payable annually. If Pronghorn Corporation borrowed this money from the bank, the company would need to pay 9% interest. 2. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1 Using (1) factor tables. (2) a financial calculator, or (3) Excel function PV. calculate the value of the mortgage. Using the calculation from the tables, record Pronghorn Corporation's journal entries on January 1, 2020, for each of the purchases. (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 answer 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 Jan. 1, 2020 (To record purchase of land and building) Jan. 1, 2020 (To record purchase of land) eTextbook and Media List of Accounts Record the interest at the end of the first year on both instruments using the effective interest method. (Round answers too 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.) Account Titles and Explanation Debit Credit (To record interest on five-year note)