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What effective interest amortization table for five years

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On December 31, 2019, ABC Corporation purchased a building costing $500,000 signing an 8%, 5 year mortgage note payable on December 31, 2019. Five ANNUAL payments will be made each year to pay back the mortgage beginning on December 31, 2020.

Question 1: What is the annual installment payment required at an 8% rate?

Question 2: Give the general journal entry to record the purchase of the building.

Question 3: effective interest amortization table for the five years.

Question 4: Give the general journal entries to record each of the five mortgage payments beginning on December 31, 2020

Reference no: EM132524983

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