Dutch Hollow Electronics issues a $400,000, 8%, 10-year mortgage - 14015

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  • Posted on: Wed 19 Sep, 2012
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Dutch Hollow Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2011. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31.

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Prepare an installment payments schedule for the first 2 years. (Round answers to 0 decimal places, e.g. $15,250.)

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Prepare the entries for (1) the loan and (2) the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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Show how the total mortgage liability should be reported on the balance sheet at December 31, 2012. (For Bonds Payable, Notes Payable and Mortgage payable enter the account name only and do not provide any additional descriptive information e.g. due 2017.)

 

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Problem 15-3A.docx
Problem 15-3A.d...