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need some assistance with the 4 requirements please, thanks! Kemmer Company purchased a building and land with a fair market value of $525,000 (building, $275,000
need some assistance with the "4 requirements" please, thanks!
Kemmer Company purchased a building and land with a fair market value of $525,000 (building, $275,000 and land, $250,000) on January 1, 2018. Kemmer signed a 15-year, 10% mortgage payable. Kemmer will make monthly payments of $5,641.68. Round to two decimal places. Explanations are not required for journal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 Jan. 1 Building Land 275,000.00 250,000.00 Requirements Mortgage Payable 525,000.00 1. Journalize the mortgage payable issuance on January 1, 2018. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2018. 4. Journalize the second payment on February 28, 2018. Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Beginning Principal Interest Total Ending Balance Payment Expense Payment Balance 1/1/2018 525000 1/31/2018 525000 2/28/2018 Print DoneStep by Step Solution
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