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Kingbird, Inc. issues a $ 371,000, 11%, 10-year mortgage note on December 31, 2018. The...

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Accounting

Kingbird, Inc. issues a $ 371,000, 11%, 10-year mortgage note on December 31, 2018. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $ 62,996. Payments are due on December 31.

Prepare an installment payments schedule for the first 4 years.

imagePrinciple balance for last part.

Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

image

Show how the total mortgage liability should be reported on the balance sheet at December 31, 2019. (Enter account name only and do not provide descriptive information.)

image step by step on how to do will be nice.

Annual Interest Period Issue Date Cash Payment Interest Expense Reduction of Principal Principal Bala 2 4 l ist of Accounts

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