! Required information Problem 0-1B Record and analyze Installment notes (L09-2) The following information applies to the questions displayed below.) On January 1, 2021. Stoops Entertainment purchases a building for $610,000. paying $110,000 down and borrowing the remaining $500,000, signing a 9%, 15-year mortgage Installment payments of $5,071,33 are due at the end of each month, with the first payment due on January 31, 2021 Problem 9-18 Part 1 Required: 1. Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the purchase of the building, Note Winter debits before credits General Journal Date January 01, 2021 Debit Credit ! Required Information Problem 0-18 Record and analyze Installment notes (L00-2) The following information applies to the questions displayed below.) On January 1, 2021. Stoops Entertainment purchases a building for $610,000, paying $110,000 down and borrowing the remaining $500,000, signing a 9% 15-year mortgage Installment payments of $6,071.33 are due at the end of each month, with the first payment due on January 31, 2021 Problem 9-18 Part 2 2. Complete the first three rows of an amortization schedule. (Do not round Intermediate calculations. Round your final answers to 2 decimal places) Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 01/01/2021 01/31/2021 02/28/2021 0 Required information Problem 0-18 Record and analyze Installment notes (L00-2) The following information applies to the questions displayed below! On January 1, 2021. Stoops Entertainment purchases a building for $610,000, paying $110.000 down and borrowing the remaining $500,000. signing a 9% 15 year mortgago Installment payments of $5.07 33 are due at the end of each month, with the first payment due on January 31, 2021 Problem 9-18 Part 3 3-a. Record the first monthly mortgage payment on January 31, 2021. Of no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round Intermediate calculations. Round your final answers to 2 decimal places) View transaction at Journal entry worksheet Record the first monthly mortgage payment. Nontoh General Joumal Date Vanuary 31, 2027 Debit Credit 3-6. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places) Interest Expense Reducing the Carrying Value First payment 0 Required information Problem 0-18 Record and analyze Installment notes (L09-2) [The following information applies to the questions displayed below) On January 1, 2021, Stoops Entertainment purchases a building for $610,000, paying $110,000 down and borrowing the remaining $500.000, signing a 9%, 15 year mortgage Installment payments of $5.071.33 are due at the end of each month, with the first payment due on January 31 2021. Problem 9-18 Part 4 4. Total payments over the 15 years are $912,839 ($5,071.33 * 180 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Interest expense Actual payments on the loan
