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KellyV2012, Bachelor's Degree
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Fordyce Electronics issues a $400,000, 8%, 10-year mortgage

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Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31.


Complete the installment payments schedule for the first 2 years
Prepare the entries for (1) the loan and (2) the first two installment payments.
Show how the total mortgage liability should be reported on the balance sheet at December 31, 2011
Hi,

Please download the answer below.

http://www.box.com/s/14b8eb39161f9f5e8fde

Thanks,
KellyV2012, Bachelor's Degree
Category: Single Problem
Satisfied Customers: 308
Experience: BS in Business Administration: Options in Accounting & Finance
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I do not agree with the above answer. Expert has posted answer of some other question.

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Sorry about that...

Here's the correct one...

http://www.box.com/s/4df37110e0201339775b

Thanks,

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