Prepare the journal entries to record the mortgage loan

Reference no: EM1347126

Sterling Company. receives $550,000 when it issues a $550,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2010. The terms provide for semiannual installment payments of $35,205 on June 30 and December 31.

Instructions
Prepare the journal entries to record the mortgage loan on December 1, 2010 and the first two installment payments (June 30, 2011 & December 31, 2011).

Reference no: EM1347126

Questions Cloud

Relations of airline flight information : The relations given below keep track of airline flight information:Flights(flno: integer, from: string, to: string, distance:integer, departs: time, arrives: time, price: real)Aircraft(aid: integer, aflame: string, cruisingrange: integer)

Powerpoint presentation on topic of costing : Task is to make a 10-12 powerpoint presentation on topic of costing. Explaining what needs to be done to project profits using the traditional income statement if sales were to increase 20%

Illustrate what are equations for is and lm curves : Illustrate what are equations for IS and LM curves. Illustrate What is equilibrium level of income and interest rate.

Explain trade off theory and pecking order theory : Compare Pecking Order Theory and Trade Off Theory and how do Pecking Order Theory and Trade Off Theory relate to optimal leverage?

Prepare the journal entries to record the mortgage loan : Sterling Corporation earns $550,000 when it issues a $550,000, 8 percent, mortgage note payable to finance the creation of a building at December 31, 2010.

What is the amount of amplitude in the damped oscillations : What is the frequency of light that has the wavelength in water of 788 nm if the refractive index for this light is 1.33.

Organizatinal theory taxonomy : Will you provide an example of a taxonomy table of at least 10 theories, approaches, or models that incorporates both germinal and current organizational research.

Explain how will the economy change over time : Explain how will the economy change over time. Explain in words and using an aggregate-demand/aggregate-supply diagram.

Theoretical frameworks : Theoretical Frameworks - Dissertation about Employee Retention; why do employees leave their companies and how can management retain employees

User Account

All Pages