nta Company purchased a building and land with a fair market value of 00,000 (bu

Question

nta Company purchased a building and land with a fair market value of 00,000 (building $500000 and land, $100,000) on January 1,2018.Kanta signed a yeac 1 3% mortgage payable Karna wil make monthly payments of $6.637.20. Round 10 two decimal places. Explanations are not required for ournal entries ead the requrement equirement 1, Joumalize the mortgage payabile issuance on January 1,2018 (Record debins frst then credins Exclude explanations from any joumal entries ) Date 2018 Jan. 1 Accounts Debit Credit Requirements 1. Jourmalize the mortgage payable issuance on January 1,2018 2 Prepare an amortization schedule for the first two payments 3. Joumalize the frst payment on January 31, 2018. Joumalize the second payment on February 28, 2018. Print Done

Explanation / Answer

1. In the books of Kanta Company:

2. Amortization Shedule:

3 & 4 :

Date Account Titles Debit Credit $ $ January 1, 2018 Land 400,000 Building 200,000 Motgage Payable 600,000

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