Sunland Resort Corp. issued a 20-year, 6%, $274,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31. Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a foxed principal payment of $6.850. (Round answers to O decimal places, eg. 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Issue of Note Dec. 31, 2021 (Torecord issuance of note.) First Instalment Payment
Sunland Resort Corp. issued a 20-year, 6%, $274,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31. Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a foxed principal payment of $6.850. (Round answers to O decimal places, eg. 5,276. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Issue of Note Dec. 31, 2021 (Torecord issuance of note.) First Instalment Payment
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PA: On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10%...
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