Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1, 2018, stoops entertainment purchases

On January 1, 2018, Stoops Entertainment purchases a building for $480,000, paying $110,000 down and borrowing...

Free

70.2K

Verified Solution

Question

Accounting

On January 1, 2018, Stoops Entertainment purchases a buildingfor $480,000, paying $110,000 down and borrowing the remaining$370,000, signing a 9%, 10-year mortgage. Installment payments of$4,687.00 are due at the end of each month, with the first paymentdue on January 31, 2018. Complete the first three rows ofamortization schedule. (Do not round intermediatecalculations. Round your final answers to 2 decimalplaces.)

Answer & Explanation Solved by verified expert
4.0 Ratings (740 Votes)

Amortization Schedule
Date Monthly Installment Interest Prinicipal Payment Motgage Payable
1-Jan-18                           -                          -                           -                370,000.00
31-Jan-18              4,687.00           2,775.00            1,912.00              368,088.00
28-Feb-18              4,687.00           2,760.66            1,926.34              366,161.66
31-Mar-18              4,687.00           2,746.21            1,940.79              364,220.87

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students