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On December 31, 2020, Ste Anne Corp. obtained a 10-year, 5%, $320.000 mortgage loan from a bank to finance the purchase of a building
On December 31, 2020, Ste Anne Corp. obtained a 10-year, 5%, $320.000 mortgage loan from a bank to finance the purchase of a building in the future. The terms provide for semi-annual instalment payments on June 30 and December 31. (a) Your answer has been saved. See score details after the due date Record the obtaining of the mortgage payable on December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries) Date Account Titles and Explanation Dec. 31 Cash Mortgage Payable Debit Credit 320000 320000 Attempts: 1 of 1 used (b) Record the first two instalment payments on June 30, 2021, and December 31, 2021, assuming each payment is $20.527.(Round answers to the nearest whole dollar, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries) Blended principal and interest payment Payment Date Account Titles and Explanation Debit Credit First Instalment June 30 Second Instalment Dec. 31 Later Attempts: 0 of 1 used Submit Answer
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