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Complete the installment payments schedule for two years

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Reference no: EM13842251

Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2007. 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.

Complete the installment payments schedule for the first 2 years. (Round answers to 0 decimal places, e.g. 125. Use rounded amounts for future calculations.

Semiannual

Cash Payment

Interest Expense

Reduction

Principal Balance

Interest Period

of Principal

Issue Date

 

 

 

$

1

$

$

$

 

2

 

 

 

 

3

 

 

 

 

4

 

 

 

 

Prepare the entries for (1) the loan and (2) the first two installment payments. (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)

Date Account / Description Debit Credit
2007      
Dec. 31   $  
             $
2008      
30-Jun   $  
    $  
             $
Dec. 31   $  
    $  
             $

Show how the total mortgage liability should be reported on the balance sheet at December 31, 2008.

Current liabilities 12/31/2008
      $


Long-term liabilities
      $

Reference no: EM13842251

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