(Answered) Purpose this exercise will illustrate the accounting

Accounting

Purpose: This exercise will illustrate the accounting entries for a long-term note payable.

The Weiss Corporation issued a $400,000, 10%, 10-year mortgage note on December 31, 2013. The terms provide for semiannual installment payments of $32,097.03 on June 30 and December 31. The note along with $80,000 cash was given in exchange for a new building. The accounting period is the calendar year.

Instructions

Prepare the journal entries to record:

(a) The acquisition of the building and inception of the mortgage loan payable.

(b) The first mortgage payment on June 30, 2014.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91537221
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