E UTC Learn Student Reso. × ? Chapter 10 Materials-S X WileyPLUS john CSecure ht

Question

E UTC Learn Student Reso. × ? Chapter 10 Materials-S X WileyPLUS john CSecure https://edugen.wileyplus.com/ed Kimmel, Accounting, 6e Hale I CALCULATOR PKENTER ASSIGNMENT RESOURCES Iva e Company receives $385,000 when it issues a $385,000 ?% rtgage note payable to finance the construction of a buildin at December 31, 2017. The terms provide or annual stall ent payments of $37,092 on Dece b er 31. Exercise 10-1 Prepare the schedule usng effective-interest method to mort ze bond premium or discount of Ivanhoe Company, (Round answers to O decimal paces, eg. 5,275.) Exeroise 10-5 Exerriz 10-8 Exere 10-19 Interest Cash Payment Interest of Principal Balance lzue date 12/31/18 12/31/19 Reviow Result Prepare the journal entry to record the mortpage loan, (Round answers to 0 decimal places, e.g. 5,275, Credit account titles are automatically indented when amount is entered. Do mot indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31. 2017 Prepare the journal entries to record the first two instellment payments. (Round answers to 0 decimal places, e.g. 5,275, Credit account tities are automaticelly indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit First Installment Payment Dac. 31, 2018 Second Installment Payment Dac. 31, 2019 7:18 PM ^???6/16/2018

Explanation / Answer

Amortization table :

Journal entry :

Comment

Interest period Cash payment Interest expense Reduction of principal Principal balance At issue 385000 12/31/2018 37092 385000*5% = 19250 17842 367158 12/31/2019 37092 367158*5% = 18358 18734 348424

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