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Prepare the installment table for the five months

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Problem - On July 1, 2020, Koinadugu Corporation incurs a 30-year, $585,000 mortgage liability upon purchaseof a warehouse. This mortgage is payable in monthly installments of $8, 120.00 which include interest computed at the rate of 6.25% per year. The first monthly payment is made on August 1, 2020.

Required -

A. Prepare the company's journal entry to record the mortgage note's issuance.

B. Prepare the Installment table for the five months.

C. Prepare the journal entries to record the first, second, & third installment payments.

Reference no: EM132997749

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