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Record the first two instalment payments on january

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Reference no: EM132835541

On December 31, 2015, Rabin Realty Limited issues a 10-year, 6%, $200,000 mortgage payable to finance the construction of a building. The terms provide for monthly instalment payments at the end of each month, commencing January 31, 2016.

Instructions

Problem (a) Record the issue of the mortgage payable on December 31, 2015.

Problem (b) Record the first two instalment payments on January 31, 2016 and February 28, 2016, assuming the payment is (1) a fixed principal payment of $1,667, and (2) a blended principal and interest payment of $2,220. Round your answers to the nearest dollar.

Reference no: EM132835541

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