Question

2. On January 1, 2017, Gaskin Cabinetry Company purchases $300,000 of equipment by paying $50,000 in cash and
signing a 10-year mortgage
note at 13% for the balance. Gaskin will make yearly payments of $46,072. The
amortization schedule for the first five payments is provided.
Total
Beginning Principal
Balance Payment
Interest
Expense
Payment
01/01/2017
01/01/2018
01/01/2019
01/01/2020
01/01/2021
01/01/2022
$250,000
236,428
221,092
203,762
184,179
$13,572
15,336
17,330
19,583
22,129
$32,500
30,736
28,742
26,489
23,943
$46,072
46,072
46,072
46,072
46,072
Ending
Balance
$250,000
236,428
221,092
203,762
184,179
162,050
Prepare the journal entry for the purchase of the equipment and for the January 1, 2018 mortgage payment.
Answer:

Answer 1

Respuesta:

Come pizza

Explicación: