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Required information Problem 9-1A Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2021, Gundy Enterprises
Required information Problem 9-1A Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2021, Gundy Enterprises purchases an office building for $261,000, paying $51,000 down and borrowing the remaining $210,000, signing a 7%, 10-year mortgage. Installment payments of $2,438.28 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1A 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.) Answer is not complete. Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value 1/1/2021 $210,000.00 1/31/2021 2,438.28 1,225.00 1,213.28 2/28/2021 2,438.28
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