(Answered) 1 colt electronics issues an 600000 8 10-year mortgage note

Accounting

1. Colt Electronics issues an $600,000, 8%, 10-year mortgage note on December 31, 2010, to help finance a plant expansion program. The terms provide for semiannual installment payments, not including real estate taxes and insurance, of $44,149. Payments are due June 30 and December 31.

Instructions

(a) Prepare an installment payments schedule for the first 2 years.

(b) Prepare the entries for

(1) The mortgage loan and

(2) The first two installment payments.

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