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In: Accounting

Overall Instructions: Prepare the report in good form as if you were submitting it to the...

Overall Instructions:

Prepare the report in good form as if you were submitting it to the financial vice-president of the company. It should be neat, well organized, and easy to follow. The standard is that anyone with accounting knowledge should be able to pick up your paper and quickly see what it accomplishes.

The spreadsheet should be programmed to make all calculations. For revisions, you should need only to type in the new information. Specific rules include:

Type each item of information only once.

Never embed information in formulas.

All information and solutions should be clearly labeled on excel.

Insole Vent Company purchased a building on January 1, 2026, paying $200,000 down and signing a mortgage note for an additional $3,400,000. The mortgage will be paid off with semi-annual payments (June 30 and December 31) over a period of 10 years. The mortgage rate is 4.5%.

Required:

Prepare the mortgage amortization schedule for the 10 years of this note.

Prepare the journal entries for the date of the sale and for the first two payments.

In a separate tab, repeat part A assuming the mortgage rate is 5%.

In a separate tab, repeat part A assuming the down payment of $500,000 and a mortgage of $5,000,000.

Please used excel.

Solutions

Expert Solution

ekkarill92 answered 1 year ago
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