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When answering these problems, would you mind please showing and explaining how to get the correct answers and how to fill out the tables given.
When answering these problems, would you mind please showing and explaining how to get the correct answers and how to fill out the tables given. Thanks so much for your help!
Problem 9-1B Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $580,000, paying $110,000 down and borrowing the remaining $470,000, signing a 9%, 15-year mortgage. Installment payments of $4,767.05 are due at the end of each month, with the first payment due on January 31, 2021. roblem 9-1B Part 1 equired: Record the purchase of the building on January 1, 2021. (If no entry is required for a particular transaction/event, select "No ournal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 Record the purchase of the building. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2021 Required information Problem 9-1B Record and analyze installment notes (LO9-2) (The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $580,000, paying $110,000 down and borrowing the remaining $470,000, signing a 9%, 15-year mortgage. Installment payments of $4,767.05 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1B Part 2 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Date Cash Paid Decrease in Interest Expense Carrying Value Carrying Value 01/01/2021 01/31/2021 02/28/2021Step by Step Solution
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