Return to que Exercise 9-3A Record installment notes (L09-2) On January 1, 2021, Jalen Company purchased land costing $800,000. Instead of paying cash at the time of purchase. Jalen plans to make four installment payments of $215,221.64 on June 30 and December 31 in 2021 and 2022. The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first installment payment on June 30, 2021, and the second installment payment on December 31, 2021 3. Calculate the balance of Notes Payable and Interest Expense on December 31, 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Record the purchase of land when the note is issued. (If no entry is required for a particular transaction/event, select "No Joumal Entry Required" in the first account field.) No Date General Journal Debit Credit January 01, 2021 Land 800,000 Notes Payable 800,000 Required 2 > Return to question Exercise 9-3A Record installment notes (LO9-2) On January 1, 2021, Jalen Company purchased land costing $800,000. Instead of paying cash at the time of purchase, Jalen plans to make four installment payments of $215.221.64 on June 30 and December 31 in 2021 and 2022. The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first installment payment on June 30, 2021, and the second installment payment on December 31, 2021 3. Calculate the balance of Notes Payable and interest Expense on December 31, 2021 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 3 Required 1 1 Required 2 Record the first installment payment on June 30, 2021, and the second installment payment on December 31, 2021. (Do not round intermediate calculations. Round your final answers to 2 decimal places. If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) Credit General Journal Date Debit 24,000.00 No 1 June 30, 2021 101.221.64 Interest Expense Notes Payable Cash 215.221.64 Required ( Required 1 Exercise 9-3A Record installment notes (LO9-2) On January 1, 2021, Jalen Company purchased land costing $800,000. Instead of paying cash at the time of purchase, Jalen plans make four installment payments of $215,221.64 on June 30 and December 31 in 2021 and 2022. The payments include interest at a rate of 6%. Required: 1. Record the purchase of land when the note is issued. 2. Record the first installment payment on June 30, 2021, and the second installment payment on December 31, 2021. 3. Calculate the balance of Notes Payable and Interest Expense on December 31, 2021. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Calculate the balance of Notes Payable and Interest Expense on December 31, 2021. (Round your answers to 2 decimal places.) Notes Payable Interest Expense $411,820.07 $ 42,263.25
