Exercise 10-24 Cullumber Company receives $385,000 when it issues a $385,000, 69

Question

Exercise 10-24 Cullumber Company receives $385,000 when it issues a $385,000, 696, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $39,641 on December 31 Prepare an amortization schedule of a mortgage note for two years. (Round answers to O decimal places, e.g. 5,275.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date 12/31/18 12/31/19 SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: SIMILAR EXERCISE

Explanation / Answer

Annual interest period Cash payment Interest expense Reduction of principal Principal balance issue date 385000 12/31/2018 39641 23100 16541 368459 12/31/2019 39641 22108 17533 350926

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