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The Majestic Company issued a mortgage note payable of $6,000,000 at 01st September 2021. This mortgage is payable annual instalments of $800,000, which include
The Majestic Company issued a mortgage note payable of $6,000,000 at 01st September 2021. This mortgage is payable annual instalments of $800,000, which include principal and interest computed at annual rate of 6% Instructions a. Prepare amortization table for first 3 years of this note payable b. Prepare the adjusting entries at 31st December 2021 (accrue interest payable) c. Prepare the journal entry to record the first year payment (as at 31 August 2022)
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