Gunther Company purchased a building on January 1stby signing a long-term $5,300,000 mortgage with monthlypayments of...

Gunther Company purchased a building on January 1^stby signing a long-term $5,300,000 mortgage with monthlypayments of $45,725. The mortgage carries an interest rate of 6%.

Write the journal entry to record the purchase of the building by signing the long-term mortgage. (You may or may not need all rows of this textbox)

Write the journal entry to record the first monthly payment (Jan. 31^st) by Gunther. (You may or may not need all rows of this textbox)

What is the balance in the Mortgage Payable account, after this first monthly payment is recorded?

Write the journal entry to record the second monthly payment (Feb. 28^th) by Gunther. (You may or may not need all rows of this textbox)

What is the balance in the Mortgage Payable account, after this second monthly payment is recorded?

Expert Solution

ekkarill92 answered 2 years ago

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