Roxy Inc. issues a $1,500,000, 10%, 10-year mortgage note on December 31, 2018, to obtain financing for a new building. The terms provide for annual installment payments of $244,118. Prepare the entry to record the mortgage loan on December 31, 2018, and the first installment payment on December 31, 2019.

Question 3 Roxy Inc. issues a $1,500,000, 10%, 10-year mortgage note on December 31, 2018, to obtain financing for a new building. The terms provide for annual installment payments of $244,118. Prepare the entry to record the mortgage loan on December 31, 2018, and the first installment payment on December 31, 2019. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec 31, 2018 Dec 31, 2019 Question 8 On January 1, 2018, Sheffield Corporation issued $5100000, 10-year, 8% bonds at 103. Interest is payable annually on January 1. The journal entry to record this transaction on January 1, 2018 is Cash Bonds Payable Premium on Bonds Payable Cash 5253000 5253000 153000 5100000 5253000 Bonds Payable Cash 5253000 Bonds Payable Premium on Bonds Payable Cash Bonds Payable 5100000 153000 5100000 5100000 Question 13 Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a) What is the present value of $29,500 due 14 periods from now, discounted at 10%? (Round answer to 2 decimal places, e.g. 25.25.) Present values (b) What is the present value of $29,500 to be received at the end of each of 9 periods, discounted at 12%? (Round answer to 2 decimal places, e.g. 25.25.) Present values Click if you would like to Show Work for this question: Open Show Work