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Prepare an instalment payment schedule

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Question - Andreas Wines Ltd. issued an $810,000, five-year, 6 percent mortgage note payable on December 31, 2020, to help finance a new warehouse. The terms of the mortgage provide for semi-annual blended payments of $94,957 on June 30 and December 31 of each year.

Required -

1. Prepare an instalment payment schedule for the first two years of this mortgage.

2. Record the issuance of the mortgage note payable on December 31, 2020.

3. Report mortgage payable on the December 31, 2020, balance sheet. Use the principal reduction to calculate the current portion.

4. Journalize the first two instalment payments on June 30, 2021, and December 31, 2021.

Reference no: EM132549300

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