What would the answer be for these following questions 1-4. And how would I get

Question

What would the answer be for these following questions 1-4. And how would I get the answer
1. Journalize the mortgage payable issuance on January? 1, 2018 2018. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January? 31, 2018 2018. 4. Journalize the second payment on February? 28, 2018 2018. ? mathxl.com c? Homework: Chapter 12 Exercises - Unlimited Attempts Score: 0 of 4 pts E12-19 (similar to) Save 2 of 7 (4 complete) HW Score: 34.27%, 5.14 of 15 pts Question Help Keel Company purchased a building and land with a fair market value of $425,000 (building, $225,000 and land, $200,000) on January 1, 2018. Keel signed a 30-year 9% mortgage payable. Keel i. make monthly payments of $3,41965. Round to two decimal places. Explanations are not required for ournal entries. Read the requirements Requirement 1. Journalize the mortgage payable issuance on January 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries) Date 2018 Jan. 1 Accounts Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer Check Answer

Explanation / Answer

Building a/c

Land a/c

To 9% Mortgage payable a/c

$225,000

$200,000

$425,000

9% Mortagage payable a/c

Interest expense a/c

To Cash a/c

232.15

$3,187.50

$3,419.65

9% Mortagage payable a/c

Interest expense a/c

To Cash a/c

$233.90

$3,185.75

$3,419.65

Question 2: Amortization schedule:

Principle amount

(month Beginning)

Total Principle Balance

(Month End)

Jan 31

1st Payment

$3,187.50

[$425,000 x 9% x (1/12)]

$232.15

[$3,419.65 - $3,187.5]

$424,767.85

[$425,000 - $232.15]

Feb 28

2nd Payment

$3,185.75

[$424,767.85 x 9% x (1/12)]

$233.90

[$3,419.65 - $3,185.75]

$424,533.95

[$424,767.85 - $233.90]

Date Accounts Debit Credit Question 1 Jan 1, 2018

Building a/c

Land a/c

To 9% Mortgage payable a/c

$225,000

$200,000

$425,000

Question 2 Jan 31, 2018

9% Mortagage payable a/c

Interest expense a/c

To Cash a/c

232.15

$3,187.50

$3,419.65

Question 2 Feb 28, 2018

9% Mortagage payable a/c

Interest expense a/c

To Cash a/c

$233.90

$3,185.75

$3,419.65

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