On December 31, 2024, Samuels Bakery Company purchased $700,000 of property by paying $100,000 in cash and signing a 10 - year mortgage at 12% for the balance. The amortization schedule shows that the company will pay $106,191 per year. What is the journal entry for the first yearly payment on December 31, 2025? ..... A. Mortgages Payable Interest Expense 60,000 106,191 Cash 166,191 B. Mortgages Payable Interest Expense 178,191 72,000 Cash 106,191 O C. Mortgages Payable Interest Expense 34,191 72,000 Cash 106,191 D. Mortgages Payable Interest Expense 60,000 72,000 Cash 132,000

On December 31, 2024, Samuels Bakery Company purchased $700,000 of property by paying $100,000 in cash and signing a 10 - year mortgage at 12% for the balance. The amortization schedule shows that the company will pay $106,191 per year. What is the journal entry for the first yearly payment on December 31, 2025? ..... A. Mortgages Payable Interest Expense 60,000 106,191 Cash 166,191 B. Mortgages Payable Interest Expense 178,191 72,000 Cash 106,191 O C. Mortgages Payable Interest Expense 34,191 72,000 Cash 106,191 D. Mortgages Payable Interest Expense 60,000 72,000 Cash 132,000

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter13: Long-term Liabilities

Section: Chapter Questions

Problem 1EA: Halep Inc. borrowed $30,000 from Davis Bank and signed a 4-year note payable stating the interest...

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