Question
XYZ Company issues a $800,000, 7%, 15-year mortgage note on December 31, 2019. The terms provide for annual installment payments of $87,836 at December 31.
XYZ Company issues a $800,000, 7%, 15-year mortgage note on December 31, 2019. The terms provide for annual installment payments of $87,836 at December 31.
a.) Prepare installment schedule for the first 2 years.
b.) Journalize the issuance of notes payable
c.) Journalize the payment of Year 1 on Dec 31 2020
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Financial Accounting
Authors: Jan Williams, Susan Haka, Mark S Bettner, Joseph V Carcello
17th edition
978-1259692390
