Reference no: EM132475016
On December 1, 2019, Driscoll, Inc. signed a 10 year mortgage in the amount of $275,000 in conjunction with the purchase of an office building. This note is payable in equal monthly installments of $2,784 which include interest computed at an annual rate of 4%. The first monthly payment is made on December 31, 2019.
Question 1: How much of the first payment made on December 31, 2019, is allocated to repayment of principal?
Question 2: With respect to this note, Driscoll's December 2019 income statement includes interest expense of
Question 3: With respect to this note, Driscoll's January 2020 monthly income statement includes interest expense of
Question 4: Driscoll's balance sheet at December 31, 2019 includes a total liability for this mortgage payable of (Do not separate into current and long-term portions.)
Question 5: The aggregate annual cash payments Driscoll will make over the 10 year life of the mortgage payable amount to
Question 6: Over the 10 year life of the mortgage, the amount Driscoll will pay for interest amounts to
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