On January 1, 2021, Stoops Entertainment purchases a building for $510,000, paying $120,000 down and borrowing the remaining $390,000, signing a 8%, 15-year mortgage. Installment payments of $3,727.04 are due at the end of each month, with the first payment due on January 31, 2021.
Required information Problem 9-1B Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $510,000, paying $120,000 down and borrowing the remaining $390,000, signing a 8%, 15-year mortgage. Installment payments of $3,727.04 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1B Part 2 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Decrease in Date Cash Paid Interest Expense Carrying Value Carrying Value 01/01/2021 01/31/2021 02/28/2021 3-a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.