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How should the journal entry record second monthly payment

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Reference no: EM132502142

Glen Pool Club, Inc., has a $153,000 mortgage liability. The mortgage is payable in monthly installments of $1,574, which include interest computed at an annual rate of 12 percent (1 percent monthly).

Question 1: How would the amortization table showing the original balance of this loan, and the allocation of the first two monthly payments between interest expense and the reduction in the mortgage's unpaid balance.

Question 2: How should the journal entry record the second monthly payment.

Reference no: EM132502142

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