.Kessel Company purchased a building and land with a fair market value of 575,000 (building, 475,000, and land 100,000) on January 1, 2018 Kessel signed a 25-year, 15% mortage payable. Kessel will make monthly payments of 7,364.78. Round to two decimal places. No explenations required.
Requirements:
1.Journalize the mortage payable issuance on january 1, 2018......I have Done the entry as pictured below.
2. Prepare an amortization schedule for the fist two payments..... I got some of the numbers in there not sure if I did it correctly
3. Journalize the first payment on January 31, 2018.
4. Journalize the second payment on February 28, 2018.
Requirement 1. Journalize the mortgage payable issuance on January? 1,
2018.
?(Record debits? first, then credits. Exclude explanations from any journal? entries.)
Date
Accounts
Debit
Credit
2018
Jan. 1
Building
475,000..00
Land
100,000.00
Mortgage Payable
575,000.00
