Kessel company purchased a building and land with a fair market value of 650000, building of 400000, and land of 250000, on January 1st 2018. Castle signed a 20-year 8% mortgage payable. Kessel will make monthly payments of $5,436.86. Journalize the mortgage payable issuance on January 1st 2018.

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A: “Since you have posted a question with multiple sub-parts, we will solve first three sub parts for…

Q: PREPARE AN AMORTIZATION TABLE

A:

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A: Formulas:

Q: Kessel Company purchased a building and land with a fair market value of $525,000 (building,…

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A: schedule  of long term installment  Annual installment period Cash payment Interest expense…

Q: ABC Company decided to enter the leasing business. The entity acquired a specialized packaging…

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A: >An Amortisation schedule can be prepared for a liability when it is to be paid in installments…

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Q: On January 1, 2020, South Company acquired a building for 5,000,000. The entity paid 500,000 down…

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A: Answer 1:

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A: Following are the requisite Journal Entries

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Q: Kessel Company purchased a building and land with a fair market value of $525,000 (building.…

A: Hello. Since your question has multiple sub-parts, we will solve the first three sub-parts for you.…

Q: ABC Company decided to enter the leasing business. The entity acquired a specialized packaging…

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Q: On January 1, 2021, South Company acquired a building for P5,000,000. The entity paid P500,000 down…

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Q: At the beginning of 2016, VHF Industries acquired a machine with a fair value of $6,074,700 by…

A: 1.

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A: All amounts are in (P).

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A: Interest revenue for the year ended December 31, 2021 = fair value of the note x prevailing rate of…