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Complete the journal entry for the purchase

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Question - On January 1, 2018, Sanders Company purchased a Building and Land for $350,000 by paying $25,000 in cash and signing a 10-year mortgage payable at 5.5% for the balance. Sanders determines the value of the Land is $50,000 and the Building $300,000. Sanders will make annual payments of $43,117.02 on 12/31 of each year.

Required -

a) Complete the entire mortgage Amortization Table.

b) Complete the journal entry on 1/1/18 for the purchase of Building and Land.

c) Complete the journal entry on 12/31/18 for the first mortgage payment.

Reference no: EM132705282

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