Requirement 1a. In preparation for recording the transactions, prepare: An amortization schedule for the first 3 months of the mortgage payable issued on

October

1. Round interest calculations to the nearest dollar.

	Beginning	Principal	Interest	Total	Ending
	Balance	Payment	Expense	Payment	Balance
10/01/2018
11/1/2018
12/1/2018
01/01/2019

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Oct. 1 1 I 3 15 31 Issued 38,000 shares of $1 par value common stock for cash of $24 per share issued a $320,000, 10-year, 5% mortgage payable for land with an existing store building. Mortgage payments of $4,000 are due on the first day of each month, beginning November 1. The assets had the following market values: Land, $200,000; Building, $120,000 issued a one-year, 8% note payable for $7,200 for store fixtures. The principal and interest are due October 1, 2019 Purchased merchandise inventory on account from Elite Supply for $124,000, terms n/30 Paid $200 for utilities Recorded cash sales for the month of $140,000 plus sales tax of 7%. The cost of the goods sold was $84,000 and estimated warranty payable was 31 31 Nov. 1 3 10 12 15 5% Recorded October payroll and paid employees Accrued employer payroll taxes for October Paid the first mortgage payment. Paid Elite Supply for the merchandise inventory purchased on October 3 Purchased merchandise inventory on account from Elite Supply for $200,000, terms n/30 Purchased 400 shares of treasury stock for $12 per share Paid all liabilities associated with the October 31 payroll