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Glen Pool Club, Inc., has a $141,000 mortgage liability. The mortgage is payable in monthly installments of $1,450, which include interest computed at an annual rate of 12 percent (1 percent monthly).

a. Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgages unpaid balance.

b. Prepare the journal entry to record the second monthly payment.

c. Will monthly interest increase, decrease, or stay the same over the life of the loan?

Glen Pool Club, Inc., has a $141,000 mortgage liability. The mortgage is payable in monthly installments of $1,450, which include interest computed at an annual rate of 12 percent (1 percent monthly). a. Prepare a partial amortization table showing () the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgage's unpaid balance. b. Prepare the journal entry to record the second monthly payment. c. Will monthly interest increase, decrease, or stay the same over the life of the loan? Complete this question by entering your answers in the tabs below Required A Required B Required C Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgage's unpaid balance. (Round your answers to the nearest dollar amount. Enter all amounts as positive numbers.) Amortization Table Monthly Interest Monthly Payment Interest Expense Reduction in Unpaid Balance Unpaid Balance Period Original balance Required A Required B>

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