Crowley Corporation purchased a building on January 2 by signing a long-term $500,000 mortgage with monthly...

Crowley Corporation purchased a building on January 2 by signing a long-term $500,000 mortgage with monthly payments of $5,000. The mortgage carries an interest rate of 10%. Prepare the first three periods of the mortgage amortization table below.

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2.What is the journal entry to record the second monthly payment for Crowley Corporation above?

Expert Solution

ekkarill92 answered 1 year ago

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