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Required information Problem 9-1A (Algo) Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below] On January 1, 2024, Howell Enterprises purchases a building for $316,000, paying $56,000 down and borrowing the remaining $260,000, signing a 8%, 10-year mortgage. Installment payments of $3,154.52 are due at the end of each month, with the first payment due on January 31, 2024. Problem 9-1A (Algo) Part 1 Required: 1. Record the purchase of the building on January 1, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No 1 Date January 01, 2024 Buildings Cash Notes Receivable General Journal Debit 316,000 Credit 56,000 260,000

Required information Problem 9-1A (Algo) Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below] On January 1, 2024, Howell Enterprises purchases a buliding for $316,000, paying $56,000 down and borrowing the remaining $260,000, signing a 8%, 10-year mortgage. Installment payments of $3,154,52 are due at the end of each month, with the first payment due on January 31,2024 Problem 9-1A (Algo) Part 1 Required: 1. Record the purchase of the buliding on January 1,2024. (If no entry is required for a particular transoction/event, select "No Journal Entry Required" in the first occount field.) Required information Problem 9-1A (Algo) Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below] On January 1, 2024, Howell Enterprises purchases a building for $316,000, paying $56,000 down and borrowing the remaining $260,000, signing a 8%, 10-year mortgage. Instaliment payments of $3,154,52 are due at the end of each month, with the first payment due on January 31,2024. Problem 9-1A (Algo) Part 2 - Complete the first three rows of an amortization schedule (Do not round intermediote calculations. Round your final answers to 2 ecimal ploces.) On lanuary 1, 2024, Howeit Enterprises purchases a building for $316,000, payng $56,000 down and borrowng the Problem 9-1A (Algo) Part 3 3-. Hecord the first monthly mongage paryment on January 3t, 2024. 3b. How much of the fust payment goes to interest expense and how much goes to reducing the carrying value of the foan? Complete this question by eatering your answers in the tales below. Hecerd the first monthly mortgage payment on fanuary a1, 2024. (If no ensry is required for a particular transachen/event, telect "War Required information Problem 9-1A (Algo) Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below] On January 1, 2024, Howell Enterprises purchases a bulding for $316.000, paying $56.000 down and borrowing the remaining $260,000, signing a 8%, 10 year mortgage Installment payments of $3,154.52 are due at the end of each month, with the first payment due on January 31,2024 roblem 9-1A (Algo) Part 4 Total payments over the 10 years are $378,542 (\$3,154.52 120 monthly payments). How much of this is interest expense and how ach is actual payment of the loan? (Round your final answers to the nearest whole dollar omount.)

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