Required information Problem 9-1A (Algo) Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2024, Bloomfield Enterprises purchases a building for $140,000, paying $40,000 down and borrowing the remaining $100,000, signing a 9%, 10-year mortgage. Installment payments of $1,266.76 are due at the end of each month, with the first payment due on January 31, 2024. Problem 9-1A (Algo) Part 2 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Date Cash Paid Interest Expense Change in Carrying Value Carrying Value 1/1/2024 1/31/2024 2/29/2024 $ 1,266.76
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- On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is the journal entry on Jan. 1 to record the cash received and on Dec. 31 to record the annual payment? (You will need to prepare the first row in the amortization table to determine the amounts.)Required information [The following information applies to the questions displayed below.] On January 1, 2024, Howell Enterprises purchases a building for $250,000, paying $50,000 down and borrowing the remaining $200,000, signing a 8%, 10-year mortgage. Installment payments of $2,426.55 are due at the end of each month, with the first payment due on January 31, 2024. 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Date 1/1/2024 1/31/2024 2/29/2024 Cash Paid Interest Expense Change in Carrying Value Carrying ValueRequired information [The following information applies to the questions displayed below.] On January 1, 2024, Bloomfield Enterprises purchases a building for $327,000, paying $57,000 down and borrowing the remaining $270,000, signing a 7%, 10-year mortgage. Installment payments of $3,134.93 are due at the end of each month, with the first payment due on January 31, 2024. 3-a. Record the first monthly mortgage payment on January 31, 2024. 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? Answer is not complete. Complete this question by entering your answers in the tabs below. Req 3a Req 3b Record the first monthly mortgage payment on January 31, 2024. (If no entry is required for select "No Journal Entry Required" in the first account field. Do not round intermediate calcul to 2 decimal places.) No Date General Journal 1 January 31, 2024 Interest Expense Notes Payable Cash Debit 1,559.93( 1,575.00
- On January 12021Gundy Enterprises purchases an office building for $184,000, paying $44.000 down and borrowing the remaining $140,000, signing a %10year mortgage Installment payments of \$1,6 are due at the end of each month, with the first payment due on January 31, 2021 3-. Record monthly mortgage payment on January 31, 2021. (no entry is required for a particular transaction/event select No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places .)Hen it issues a $282,000, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $47,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Dec. 31, 2023 Dec. 31, 2024 Account Titles and Explanation Debit CreditRequired information [The following information applies to the questions displayed below.] On January 1, 2024, Howell Enterprises purchases a building for $217,000, paying $47,000 down and borrowing the remaining $170,000, signing a 7%, 10-year mortgage. Installment payments of $1,973.84 are due at the end of each month, with the first payment due on January 31, 2024. 4. Total payments over the 10 years are $236,861 ($1,973.84 x 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan? (Round your final answers to the nearest whole dollar amount.) Interest expense Actual payments on the loan
- Current Attempt in Progress Wildhorse Co., receives $372,000 when it issues a $372.000, 10%, mortgage note payable to finance the construction of a building at December 31, 2025. The terms provide for annual installment payments of $62,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts) Date Account Titles and Explanation Debit CreditLisa Ehrlich Inc. issues a $1,300,000, 8%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $251,118. Instructions Prepare the entry to record the mortgage loan on December 31, 2022 Prepare entries to record the first and second installment payments on December 31, 2023 and 2024. Calculate the principal balance on December 31, 2024 after the installment payment is made.Required information [The following information applies to the questions displayed below.] On January 1, 2021, Gundy Enterprises purchases an office building for $261,000, paying $51,000 down and borrowing the remaining $210,000, signing a 7%, 10-year mortgage. Installment payments of $2,438.28 are due at the end of each month, with the first payment due on January 31, 2021. 4. Total payments over the 10 years are $292,594 ($2,438.28 × 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Interest expense Actual payments on the loan
- Required information [The following information applies to the questions displayed below.] On January 1, 2024, Gundy Enterprises purchases an office building for $360,000, paying $60,000 down and borrowing the remaining $300,000, signing a 7%, 10-year mortgage. Installment payments of $3,483.25 are due at the end of each month, with the first payment due on January 31, 2024. 2. Complete the first three rows of an amortization schedule. Note: Do not round intermediate calculations. Round your final answers Date 1/1/2024 1/31/2024 2/29/2024 Cash Paid Interest Expense Change in Carrying Value 2 decimal places. Carrying ValueOn January 1, 20X1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for the latest and greatest bouncy house. Bouncy House is required to make annual payments. The first payment occurs on December 31, 20X1. а. Calculate your annual payment amount. b. Create the loan amortization schedule (table). Record the first three journal entries. d. How much total interest does Bouncy House pay on this installment note? С.Carla Vista Co. issues a 10%, 7-year mortgage note on January 1, 2022, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $50,000. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What are the cash proceeds received from the issuance of the note? (Round answer to 2 decimal places, e.g. 25.25.) Carla Vista Co. should receive $ Carla Vista Co. issues a 10%, 7-year mortgage note on January 1, 2022, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $50,000. Click here to view the factor table. 3 (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) What are the cash proceeds received from the issuance of the note? (Round answer to 2 decimal places, e.g. 25.25.) Carla Vista Co. should receive $