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Prepare journal entries to record acquisition of building

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Reference no: EM13872111

Purpose: This exercise will illustrate the accounting entries for a long-term note payable.

The Weiss Corporation issued a $400,000, 10%, 10-year mortgage note on December 31, 2013. The terms provide for semiannual installment payments of $32,097.03 on June 30 and December 31. The note along with $80,000 cash was given in exchange for a new building. The accounting period is the calendar year.

Instructions

Prepare the journal entries to record:

(a) The acquisition of the building and inception of the mortgage loan payable.

(b) The first mortgage payment on June 30, 2014.

(c) The second mortgage payment on December 31, 2014.

Reference no: EM13872111

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