Olsen Well Services Ltd. purchased equipment for $905,000 on September 30,2024. The equipment was purchased...
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Olsen Well Services Ltd purchased equipment for $ on September The equipment was purchased with a $ cash down payment and through the issue of a $year, mortgage note payable for the balance. The terms provide for the mortgage to be repaid in monthly blended payments of $ starting on October Instructions Record the purchase and the issue of the note payable on September Record the first four instalment payments from October to January Round amounts to the nearest dollar. Repeat part b assuming that the terms provided for monthly fixed principal payments of $ rather than blended payments of $
Olsen Well Services Ltd purchased equipment for $ on September The equipment was purchased with a $ cash down payment and through the issue of a $year, mortgage note payable for the balance. The terms provide for the mortgage to be repaid in monthly blended payments of $ starting on October
Instructions
Record the purchase and the issue of the note payable on September
Record the first four instalment payments from October to January Round amounts to the nearest dollar.
Repeat part b assuming that the terms provided for monthly fixed principal payments of $ rather than blended payments of $
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