TPo1 Company borrowed $300,000 on January 1, 2010, by issuing a $300,000, 8% mortgage note payable. The

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TPo1 Company borrowed $300,000 on January 1, 2010, by issuing a $300,000, 8% mortgage note payable. The terms call for semiannual installment payments of $20,000 on June 30 and December 31.

Instructions

(a) Prepare the journal entries to record the mortgage loan and the first two installment payments.

(b) Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31, 2010.

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Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Sep 13, 2011 08:40 AM

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TPo1 Company borrowed $300,000 on January 1, 2010, by issuing a $300,000, 8% mortgage note payable. The

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January 1 2010 a Cash 300000 Mortgage Notes Payable 300000 June 30 2010 Int...View the full answer

Accounting Principles

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