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CALCULATOR FULL SCREEN PRINTER VERSION BACK Do Iti Review 10-04 Detwiler Orchard issues a $485,264, 5%,...
CALCULATOR FULL SCREEN PRINTER VERSION BACK Do Iti Review 10-04 Detwiler Orchard issues a $485,264, 5%, 10-year mortgage note to obtain needed financing for a new lab. The terms call for annual payments of $62,844 each. Prepare the entries to record the mortgage loan and the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent man Round answers to o decimal places, e.g. 5,275.) Debit Credit Account Titles and Explanation (To record mortgage loan) (To record annual payment on mortgage) LINK TO TEXT
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Prepare the entries to record the mortgage loan and the first installment payment. Account Titles and Explanation | Debit Credit Cash 485,264 Mortgage Payable 485,264 |(To record mortgage loan). Interest Expense 24,263 Mortgage Payable 38,581 Cash 62,844 (To record annual payment on mortgage) Explanation: Interest expense = ($485,264 x 5%) = $24.263 Mortgage payable = ($62,844 - $24,263) = $38,581
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