Sunland Resort Corp. issued a 20-year, 6%, $274.000 mortgage note payable to finance the construction of a new building onDecember 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31.Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is afixed principal payment of $6.850. (Round answers to O decimal places, eg. 5,276. Credit account titles are automatically indented whenthe amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCreditIssue of NoteDec.31,2021(Torecord issuance of note.)First Instalment PaymentJune30,2022(Torecord pcon note.)Second Instalment PaymentDec.31,2022(Torecord payment on note.)eTextbook and MediaList of AccountsPrepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is ablended payment of $11,854. (Round answers to O decimal places, eg. 5,276. Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)DateAccount Titles and ExplanationDebitCreditIssue of NoteDec.31.2021(Torecord issuance of note.)First Instalment Payment Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is ablended payment of $11,854. (Round answers to O decimal places, eg. 5,276. Credit account titles are automatically indented when theamount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Date Account Titles and ExplanationDebitCreditIssue of NoteDec.31,2021(Torecord issuance of note.)First Instalment PaymentJune30,2022(Torecord payment on note.)Second Instalment PaymentDec.31,2022(To record payment on note.)eTextbook and MediaList of Accounts

Journal entries shows the recording of transactions during an accounting year and every transaction…

Sunland Resort Corp. issued a 20-year, 6%, $274,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31. Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a foxed principal payment of $6.850. (Round answers to O decimal places, eg. 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Issue of Note Dec. 31, 2021 (Torecord issuance of note.) First Instalment Payment

Sunland Resort Corp. issued a 20-year, 6%, $274,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31. Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a foxed principal payment of $6.850. (Round answers to O decimal places, eg. 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Issue of Note Dec. 31, 2021 (Torecord issuance of note.) First Instalment Payment

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 16E

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