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Please include the calculations used to fill out each box of the table! Kanta Company purchased a building and land with a fair market value
Please include the calculations used to fill out each box of the table!
Kanta Company purchased a building and land with a fair market value of $450,000 (building, $350,000 and land, $100,000) on January 1, 2018. Kanta signed a 20-year, 7% mortgage payable. Kanta will make monthly payments of $3,488.85. Round to two decimal places. Explanations are not required for journal entries. Read the requirements explanations from any journal entries.) Date Accounts Debit Credit 2018 Jan. 1 Land 100,000.00 350,000.00 Building Mortgage Payable 450,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Interest Ending Beginning Balance Principal Payment Total Payment Expense Balance 1/1/2018 1/31/2018 2/28/2018Step by Step Solution
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