Business, 14.12.2019 00:31 19elbatawisaly

Kellerman company purchased a building and land with a fair market value of $525,000 (building, $300,000 and land, $225,000) on january 1, 2016. kellerman signed a 15-year, 10% mortgage payable. kellerman will make monthly payments of $5,641.68.

requirements:
1. journalize the mortgage payable issuance on january 1, 2016 (explanations are not required). prepare an amortization schedule for the first two payments.
2. journalize the first payment on january 31, 2016 (round to two decimal places).
3. journalize the second payment on february 29, 2016 (round to two decimal places.)
4. journalize the mortgage payable issuance on january 1, 2016 (explanations are not required). (record bits first, then credits. exclude explanations from any journal entries.)
5. prepare an amortization schedule for the first two payment. (round all numbers to the nearest cent.)

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Kellerman company purchased a building and land with a fair market value of $525,000 (building, $300...

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