Question
On January 1, 2018, Gundy Enterprises purchases an office for $173,000, paying $43,000 down and borrowing the remaining $130,000, signing a 9%, 10-year mortgage. Installment
On January 1, 2018, Gundy Enterprises purchases an office for $173,000, paying $43,000 down and borrowing the remaining $130,000, signing a 9%, 10-year mortgage. Installment payments of $1,646.79 are due at the end of each month, with the first payment due on January 31, 2018.
Required:
1. Record the purchase of the building on January 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)
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