Mortgage Details How much of the first payment for the 30 years mortgage described in the table will go Principal $180000 Loan Length Interest Rate 4% Monthly Payment $860 towards interest?
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- Investment Discount Amortization Schedule On January 1, 2019, Rodgers Company purchased 200,000 face value, 10%, 3-year bonds for 190,165.35, a price that yields a 12% effective annual interest rate. The bonds pay interest semiannually on June 30 and December 31. Required: 1. Record the purchase of the bonds. 2. Prepare an investment interest income and discount amortization schedule using the effective interest method. 3. Record the receipts of interest on June 30, 2019, and June 30, 2021.Comprehensive Notes Receivable On January 1, 2019, Seaver Company sold land with a book value of 23,000 to Bench Company. Bench paid 15,000 down and signed a 15,000 non-interest-bearing note, payable in two 7,500 annual installments on December 31, 2019, and 2020. Neither the fair value of the land nor of the note is determinable. Benchs incremental borrowing rate is 12%. Later in the year, on July 1, 2019, Seaver sold a building to Hane Company, accepting a 2-year, 100,000 non-interest-bearing note due July 1, 2021. The fair value of the building was 82,644.00 on the date of the sale. The building had been purchased at a cost of 90,000 on January 1, 2014, and had a book value of 67,500 on December 31, 2018. It was being depreciated on a straight-line basis (no residual value) over a 20-year life. Required: 1. Prepare all the journal entries on Seavers books for January 1, 2019, through December 31, 2020, in regard to the Bench note. 2. Prepare all the journal entries on Seavers books for July 1, 2019, through July 1, 2021, in regard to the Hane note. 3. Prepare the notes receivable portion of Seavers balance sheet on December 31, 2019 and 2020.Crane Company purchased a building on January 2 by signing a long-term $3288000 mortgage with monthly payments of $30200. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be $3288000. $3257800. $3260600. $3285200.
- Find the mortgage balance after the first three payments on a 3030-year $170,000$170,000 mortgage that was financed at an APR of 4.25%4.25% and has a monthly payment of $836.30$836.30. Payment Number Interest Payment Principal Payment Mortgage Balance 11 $602.08$602.08 $234.22$234.22 Balance 1 22 $601.25$601.25 $235.05$235.05 Balance 2 33 $600.42$600.42 $235.88$235.88 Balance 3Marigold Corp. purchased a building on January 2 by signing a long-term $624000 mortgage with monthly payments of $5950. The mortgage carries an interest rate of 10 percent. The amount owed on the mortgage after the first payment will be $623250. $618050. $618800. $624000.Comly Communications issues a $600,000, 10%, 20-year mortgage note on January 1. The terms provide for annual installment payments of $69,932, exclusive of real estate taxes and insurance. After the first installment payment, the principal balance is $590,068. $530,068 $565,034. $600,000.
- Make an amortization table to show the first two payments for the mortgage. Amount of mortgage Annual interest rate Years in mortgage Monthly payment $407,550 5.25% 35 $2122.29 Month Monthly payment Interest Principal End-of-month principal 1 $2122.29 $enter your response here $enter your response here $enter your response here 2 $2122.29 $enter your response here $enter your response here $enter your response herePalisades Inc purchased several trucks with an installment note payable on 1/1/2019. Palisades Incagreed to pay $50,000 at the end of each year for four years. The instalments will fully pay off theloan and all interest. The interest rate of the loan was 4%. What was Palisades Inc's loan balance at12/21/20192 (Round your answer to the nearest dollar)PV of $1 when N=4, 1=4% =0.85480PV of annuity when N=4, I=4% = 3.62990)Mortgage Information: Interest Only Payments Initial Loan Amount: $22,000 Fully Amortizing Term: 30 years Fixed rate interest rate: 3.25% Fees at origination: 3rd party fees: $750. What are the monthly payments? O.a $59.58 O.b $131.91 O.c $715.00
- Andrews Inc. issues a $497,000, 10% 3-year mortgage note on January 1. The note will be paid in three annual installments of $200,000, each payable at the end of the year. What is the amount of interest expense that should be recognized by Andrews Inc. in the second year? $347,600 $49,740 $34,670 $16,567Assume bonds payable are amortized using the straight-line amortization method unless stated otherwise. Preparing an amortization schedule and recording mortgages payable entries Kellerman Company purchased a building and land with a fair market value of $550,000 (building, $425,000, and land, $125,000) on January 1, 2018. Kellerman signed a 20-ycar, 6% mortgage payable. Kellerman will make monthly payments of $3,940.37. Round to two decimal places. Explanations are not required for journal entries. Requirements Journalize the mortgage payable issuance on January 1, 2018. Prepare an amortization schedule for the first two payments.Assume bonds payable are amortized using the straight-line amortization method unless stated otherwise. Preparing an amortization schedule and recording mortgages payable entries Kellerman Company purchased a building and land with a fair market value of $550,000 (building, $425,000, and land, $125,000) on January 1, 2018. Kellerman signed a 20-ycar, 6% mortgage payable. Kellerman will make monthly payments of $3,940.37. Round to two decimal places. Explanations are not required for journal entries. Requirements Journalize the mortgage payable issuance on January 1, 2018. Prepare an amortization schedule for the first two payments. Journalize the first payment on January 31, 2018. Journalize the second payment on February 28, 2018.