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Please assist me in answers the incorrect answers for q3 Question 3 Partially correct Mark 42.00 out of 46.00 Flag question Applying Time Value of
Please assist me in answers the incorrect answers for q3
Question 3 Partially correct Mark 42.00 out of 46.00 Flag question Applying Time Value of Money Concepts Manchester Corporation takes a 20-year mortgage of $15 million. The annual interest rate on the mortgage is 7% and payments are due at the end of each year. a. Determine the annual mortgage payment. Note: Round your answer to the nearest whole dollar. $ 1,415,894 b. Use the financial statement effects template to record (1) the mortgage proceeds, (2) the firt mortgage payment, and (3) the second mortgage payment. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Note: Round your answers to the nearest whole dollar. Transaction Noncash Assets Income Statement Revenues Liabilities Contrib. Capital Expenses Balance Sheet Cash Asset 15,000,000 Earned Capital Net Income 0 1. 0 = 15,000,000 0 0 0 Cash N/A Long term debt N/A N/A 2. (1,415,894) 0 = (365,893.89) 0 0 - 1,050,000 (1,050,000) Cash N/A Long term debt N/A N/A N/A (1,050,000) Retained earnings N/A (1,050,000) X Retained earnings N/A Interest expense 3. (1,415,894) 0 = (365,893.89) X 0 - 1,050,000 X = Cash N/A Long term debt N/A Interest expense CheckStep by Step Solution
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