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Question content area top Part 1 Kelly Company purchased a building and land with a fair value of $ 5 7 5 comma 0 0
Question content area top
Part
Kelly Company purchased a building and land with a fair value of $ comma building $ comma and land, $ comma on January Kelly Company signed a year, mortgage payable. Kelly Company will make monthly payments of $ comma Round to two decimal places. Explanations are not required for journal entries.
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Question content area bottom
Part
Requirement Journalize the mortgage payable issuance on JanuaryRecord debits first, then credits. Exclude explanations from any journal entries.
Date
Accounts
Debit
Credit
Jan.
Building
Land
Mortgage Payable
Part
Requirement Prepare an amortization schedule for the first two payments. Round all numbers to the nearest cent.
Beginning Balance
Principal Payment
Interest Expense
Total Payment
Ending Balance
$
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