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  3. 20xx, bellamy corporation borrowed $400,000 on a15

20xx, Bellamy Corporation borrowed $400,000 on a15-year mortgage to purchase land and a buitding. The...

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Accounting

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20xx, Bellamy Corporation borrowed $400,000 on a15-year mortgage to purchase land and a buitding. The land and building are pledged as collateral on the of 12 percent compounded monthly. Th beginning on June 30, 20xx. (Round amounts to the nearest dollar.) ge,which has an annual interest rate e monthly payments of $4,800 are made at the end of each month, Prepare the journal entry for the purchase of the land and building, assuming that $100,000 is assignable to the land and the remaining amount is assignable to the building. a. Prepare journal entries for the monthly payments on June 30, and July 31. amounts to the nearest dollar. Round the b. Calculate the balance in the mortgage liability account after the July 31 payment

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