On January 1, 2024, Stoops Entertainment purchases a building for $500,000, paying $100,000 down and borrowing the remaining $400,000, signing a(n) 7 %, 15-year mortgage. Installment payments of $3,595.31 are due at the end of each month, with the first payment due on January 31, 2024.Journal entry worksheet 1) Record the purchase of the building. Note: Enter debits before credits. 2) Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places. 3) Total payments over the 15 years are monthly payments. How much of this is interest expense and how much is actual payment of the loan? (Round your final answers to the nearest whole dollar amount.) Interest expense Actual payments on the loan 4. Total payments over the 15 years are $647,156 ($3,595.31 x 180 monthly payments). How much of this is interest expense and how much is actual payment of the loan? (Round your final answers to the nearest whole dollar amount.) Interest expense Actual payments on the loan

On January 1, 2024, Stoops Entertainment purchases a building for $500,000, paying $100,000 down and borrowing the remaining $400,000, signing a(n) 7 %, 15-year mortgage. Installment payments of $3,595.31 are due at the end of each month, with the first payment due on January 31, 2024.Journal entry worksheet 1) Record the purchase of the building. Note: Enter debits before credits. 2) Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places. 3) Total payments over the 15 years are monthly payments. How much of this is interest expense and how much is actual payment of the loan? (Round your final answers to the nearest whole dollar amount.) Interest expense Actual payments on the loan 4. Total payments over the 15 years are $647,156 ($3,595.31 x 180 monthly payments). How much of this is interest expense and how much is actual payment of the loan? (Round your final answers to the nearest whole dollar amount.) Interest expense Actual payments on the loan

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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