Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,675. Payments are due on December 31. Show how the total mortgage liability should be reported on the balance sheet at December 31, 2022. (Enter account name only and do not provide descriptive information. Round answers to 0 decimal places, e.g. 15,250.) Cullumber Electronics Balance Sheet (Partial) choose the accounting period select an opening name for section one enter a balance sheet item $enter a dollar amount select an opening name for section two enter a balance sheet item $enter a dollar amount
Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,675. Payments are due on December 31. Show how the total mortgage liability should be reported on the balance sheet at December 31, 2022. (Enter account name only and do not provide descriptive information. Round answers to 0 decimal places, e.g. 15,250.) Cullumber Electronics Balance Sheet (Partial) choose the accounting period select an opening name for section one enter a balance sheet item $enter a dollar amount select an opening name for section two enter a balance sheet item $enter a dollar amount
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 12P: Hamlet Corporation purchases computer equipment at a price of 100,000 on January 1, 2019, paying...
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Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,675. Payments are due on December 31.
Show how the total mortgage liability should be reported on the balance sheet at December 31, 2022. (Enter account name only and do not provide descriptive information. Round answers to 0 decimal places, e.g. 15,250.)
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Cullumber Electronics
Balance Sheet (Partial) choose the accounting period |
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select an opening name for section one
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enter a balance sheet item
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$enter a dollar amount
|
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select an opening name for section two
|
||||||
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enter a balance sheet item
|
$enter a dollar amount
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