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Requirements Journalize the transactions for the company. 2. Considering the given transactions only, what are Caldwell Video Productions' total liabilities on December 31, 2019? 1. Journalis Requirement 1. Journalize the transactions for the company. (Record debits first, then credits. Select explanations on the last line of the journal entry) May 1, 2018: Purchased equipment costing $96,000 by issuing an eight-year, 6% note payable. The note requires annual principal payments of $12,000 plus interest each May 1. Date Accounts and Explanation Debit Credit 2018 May 1 Equipment Notes Payable Purchased equipment by issuing an 8-year, 6% note. More Info - X 2018 May 1 Purchased equipment costing $96,000 by issuing an eight-year, 6% note payable. The note requires annual principal payments of $12,000 plus interest each May 1. Dec. 31 Accrued interest on the note payable. 2019 May 1 Paid the first installment on the note. Dec. 31 Accrued interest on the note payable. Print Done Keel Company purchased a building and land with a fair market value of $650,000 (building, $500,000 and land, $150,000) on January 1, 2018. Keel signed a 20-year, 8% mortgage payable. Keel will make monthly payments of $5,436.86. 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. 1 500,000.00 Building Land Mortgage Payable 150,000.00 650,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Principal Payment Interest Expense Total Payment Ending Balance Beginning Balance 1/1/2018 1/31/2018 $ 650,000.00 2/28/2018 i Requirements 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. Adam Company issued $100,000 of 10-year, 8% bonds payable on January 1, 2018. Adam Company pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization method. The company can issue its bonds payable under various conditions. Read the requirements. Requirement 1. Journalize Adam Company's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at face value. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Journalize the issuance of the bond payable at face value. Requirements Date Accounts Debit Credit 2018 Jan. 1 1. Journalize Adam Company's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at face value. Explanations are not required. Journalize Adam Company's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at 94. Explanations are not required. Journalize Adam Company's issuance of the bonds and first semiannual interest payment assuming the bonds were issued at 104. Explanations are not required. 4. Which bond price results in the most interest expense for Adam Company? Explain in detail
