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Orbit Corp.

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Orbit Corp. issued a $400,000, 10%, 15-year mortgage on January 1, 2007, to purchase warehouses.;Semiannual Interest Period Cash Payment Interest Expense Decrease in Principal Principal Balance;(10% x 6/12);January 1, 2007 $400,00;June 30, 2007 $26,021 $20,000 $6,021 393,979;December 31, 2007 $26,021 $19,699 $6,322 387,657;June 30, 2008;December 31, 2008;June 30, 2009;Journal;Date Accounts and Explanations Post Ref. Debit Credit;2007;Jan 1;Jun 30;1. Complete the amortization schedule for Orbit Corp., assuming payments are made semiannually.;2. Record the journal entries for (a) issuance of mortgage on January 1, 2007, and (b) the first interest cash payment on June 30, 2007.

 

Paper#79596 | Written in 18-Jul-2015

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