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Prepare the journal entries to record the mortgage note

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Question - Windsor Construction Inc. needed financing to buy two Case graders. Windsor receives $260,000 on January 1, 2022, when it issues a 5-year, 5% mortgage note payable. The terms provide for semi-annual instalment payments on July 1 and January 1, with fixed principal amounts.

Required -

Calculate the fixed principal amount required each six-month period.

Prepare an instalment payment schedule for the first three interest periods.

Prepare the journal entries to record the mortgage note payable and the first three instalment payments. Prepare any necessary adjusting entries at Windsor's December 31, 2022 year end.

Provide the balance sheet disclosure for the mortgage note payable at December 31, 2022, being specific about the classifications.

Reference no: EM133138067

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