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Prepare a record the first two instalment payments on july

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Farid Company obtained a 10-year, 5%, $128,000 mortgage loan to finance the purchase of a factory at January 31, 2017. The terms provide for semi-annual instalment payments on July 31 and January 31.

Question 1: Record the obtaining of the mortgage payable on January 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually).

Question 2: Record the first two instalment payments on July 31, 2017, and January 31, 2018, assuming the payment is (1) a fixed principal payment of $6,400 plus interest, and (2) a blended principal and interest payment of $8,211. (Round answers to the nearest whole dollar, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Reference no: EM132489788

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