Glen pool club has a 150000 mortgage liability the mortgage

Reference no: EM13600160

Glen Pool Club has a $150,000 mortgage liability. The mortgage is payable in monthly installments of $1,543, which include interest computed at an annual rate of 12 percent (1 percent monthly).

(a.) Prepare a partial amortization table showing (1) the original balance of this loan, and(2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgage's unpaid balance. (Round to the nearest dollar.)

(b) Prepare the journal entry to record the second monthly payment.

Reference no: EM13600160

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