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Please answer a,b and c with some details Problem 21. On June 1, 20xx, Bellamy Corporation borrowed $400,000 on a 15-year mortgage to pu purchase
Please answer a,b and c with some details Problem 21. On June 1, 20xx, Bellamy Corporation borrowed $400,000 on a 15-year mortgage to pu purchase land and a has an annual interest rate buitding. The land and building are pledged as collateral on the beginning on June 30, 20xx. (Round amounts to the nearest dollar.) a. Prepare the journal entry for the purchase of the land and building, assuming that ercent compounded monthly. The monthly payments of $4,800 are made at the end of each month, $100,000 is assignable to the land and the remaining amount is assignable to the building. b. Prepare journal entries for the monthly payments on June 30, and July 31. Round the amounts to the nearest dollar. c. Calculate the balance in the mortgage liability account after the July 31 payment
Please answer a,b and c with some details
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