question archive Talkington Electronics issues a R$400,000, 8%, 10-year mortgage note on Decem- ber 31, 2016
Talkington Electronics issues a R$400,000, 8%, 10-year mortgage note on Decem- ber 31, 2016
Subject:BusinessPrice: Bought3
Talkington Electronics issues a R$400,000, 8%, 10-year mortgage note on Decem- ber 31, 2016. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of R$59,612. Payments are due on December 31. Instructions (a) Prepare an installment payments schedule for the first 4 years. (b) Prepare the entries for (1) the loan and (2) the first installment payment. - (e) Show how the total mortgage liability should be reported on the statement of financial position at December 31, 2017.
