Make journal entries reflecting all activity relating

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Reference no: EM131182515

Apollo sends out an Earnest money deposit of $10,000 for 123 Dragon way on December 31, 2015. Apollo purchased 123 Dragon way on March 1, 2016 in the amount of $470,000. The property was leveraged with an 80% loan from Anchor Capital with 8% financing and 1% points paid up front. Apollo's financing costs are 12% per year on funds not secured by an actual property in inventory. Please calculate interest where applicable and make journal entries reflecting all activity relating to this transaction. Please be sure to date, label and be clear which financial statement your entries/accounts belong to.

Reference no: EM131182515

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Make journal entries reflecting all activity relating : Apollo sends out an Earnest money deposit of $10,000 for 123 Dragon way on December 31, 2015. Apollo purchased 123 Dragon way on March 1, 2016 in the amount of $470,000. The property was leveraged with an 80% loan from Anchor Capital with 8% financin..

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