Problem on accounting for mortgages payable

Reference no: EM131820054

Question: Accounting for mortgages payable Elie purchased a building with a market value of $335,000 and land with a market value of $55,000 on January 1, 2016. Elie paid $10,000 cash and signed a 15-year, 12% mortgage payable for the balance.

Requirements: 1. Journalize the January 1, 2016, purchase.

2. Journalize the first monthly payment of $4,561 on January 31, 2016. (Round to the nearest dollar.)

Reference no: EM131820054

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