Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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Category > Accounting Posted 01 Apr 2018 My Price 5.00

store computer equipment

June 16: Byte purchased a building and the land it is on for $107,000, to house its repair facilities and to store computer equipment. The lot on which the building is located is valued at $17,000. The balance of the cost is to be allocated to the building. Byte made a cash down payment of $10,700 and executed a mortgage for the balance. The mortgage is payable in eight equal annual installments beginning July 1.

1411 Building Cost 90,000.00  

1510 Land  17,000.00  

1110 Cash   10,700.00

2201 Mortgage Payable 96,300.00

(This is were I need help)

29. The annual interest rate on the mortgage payable was 9.00 percent. Interest expense for one-half month should be computed because the building and land were purchased and the liability incurred on June 16.

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Maurice Tutor
(5)
Status NEW Posted 01 Apr 2018 06:04 PM My Price 5.00

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