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 $239,000, paying $49,000 down and borrowing the remaining $190,000, signing a 9%, 10-year mortgage. Installment payments of $2,406.84 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.) Date Cash Pald Interest Expense Decreen Carrying Value Carrying Value 1/1/2021 1/31/2021 2/28/2021 2 ,406.84 2.406 84 Journal entry worksheet Record the first monthly mortgage payment. Note: Enter debits before credits. General Journal Debit Credit Date January 31, 2021 | Record entry Clear entry View general journal 3-b. 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 Expert Reducing the Carrying Value First payment 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 $239,000, paying $49,000 down and borrowing the remaining $190,000, signing a 9%, 10-year mortgage. Installment payments of $2,406.84 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1A Part 4 120 monthly payments). How much of this is interest expense and how 4. Total payments over the 10 years are $288,821($2,406.84 much is actual payment of the loan? Interest expense Actual payments on the loan Problem 9-1A Record and analyze installment notes (L09-2) (The following information applies to the questions displayed below.) On January 1, 2021, Gundy Enterprises purchases an office building for $239,000, paying $49,000 down and borrowing the remaining $190,000, signing a 9%, 10-year mortgage. Installment payments of $2,406.84 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 answers to 2 decimal places.) Date Cash Paid Interest Expense Decrease in 1. Carrying Value Carrying Value 1/1/2021 1/31/2021 2/28/2021 2,406.84 2,406.84 Problem 9-1A Part 3 3-a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a p "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Ra decimal places.) View transaction list Journal entry worksheet Record the first monthly mortgage payment. Note: Enter debits before credits. General Journal Debit Credit Date January 31, 2021 -b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round our answers to 2 decimal places.) Interest Expense Reducing the Carrying Value First payment 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 $239,000, paying $49,000 down and borrowing the remaining $190,000, signing a 9%, 10-year mortgage. Installment payments of $2,406.84 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1A Part 4 4. Total payments over the 10 years are $288,821 ($2,406.84 * 120 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
