Pocotalk Electronics issued a $1,000,000, 5%, 10-ycar mortgage note on December 31, 2018. The proceeds from the note are to be used in financing a new rescarch laboratory. The terms of the note provide for annual installment payment, exclusive of real estate taxes and insurance, of $129,504.57. Payments are due on December 31.
Pocotalk Electronics issued a $1,000,000, 5%, 10-ycar mortgage note on December 31, 2018. The proceeds from the note are to be used in financing a new rescarch laboratory. The terms of the note provide for annual installment payment, exclusive of real estate taxes and insurance, of $129,504.57. Payments are due on December 31.
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
Chapter13: Investments And Long-term Receivables
Section: Chapter Questions
Problem 10MC: On January 1, 2019, Park Company accepted a 36,000, non-interest-bearing, 3-year note from a major...
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1. complete the installment payment using the provided table
2. prepare the entries for loan payment on December 31 2019
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