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what am i doing wrong? what's the correct answer? Required information Problem 9-18 Record and analyze installment notes (L09-2) (The following information applies to the
what am i doing wrong? what's the correct answer?
Required information Problem 9-18 Record and analyze installment notes (L09-2) (The following information applies to the questions displayed below) On January 1, 2021, Stoops Entertainment purchases a building for $450,000, paying $110,000 down and borrowing the remaining $340,000, signing a 9%, 10-year mortgage Installment payments of $4,306,98 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-13 Part 3 3-6. Record the first monthly mortgage payment on January 31, 2021. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round Intermediate calculations. Round your final answers to 2 decimal places.) Answer is not complete. No Date General Journal Debit Credit Return to question Problem 9-13 Part 3 3-a. Record the first monthly mortgage payment on January 31, 2021. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) Answer is not complete. No Date General Journal Credit Debit 1.756.98 1 January 31, 2021 Notes Payable Interest Expense 2,550,00 4,306,98 Cash 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.) Answer is complete but not entirely correct. Interest Reducing the Expense Carrying Value First payment $ 340,000.00 340,000.00 Step by Step Solution
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