PT ABC issues a $800,000, 7%, 15-yearmortgage note on December 31, 2019. Theterms provide for annual installmentpayments of $87,836 at December 31. a. Prepare installment schedule for the first 2 years. b. Journalize the issuance of notes payable. c. Journalize the payment of Year-1 on December 31, 2020.

PT ABC issues a $800,000, 7%, 15-yearmortgage note on December 31, 2019. Theterms provide for annual installmentpayments of $87,836 at December 31. a. Prepare installment schedule for the first 2 years. b. Journalize the issuance of notes payable. c. Journalize the payment of Year-1 on December 31, 2020.

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 30E

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