Kessel Company purchased a building and land with a fair market value of $575,000 (building,...
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Kessel Company purchased a building and land with a fair market value of $575,000 (building, $375,000 and land, $200,000 ) on January 1, 2024. Kessel signed a 25-year, 15% mortgage payable. Kessel will make monthly payments of $7,364.78. Round to two decimal places. Explanations are not required for journal entries. Read the Requirement 1. Journalize the mortgage payable issuance on January 1, 2024. (Record debits first, then credits. Exclude explanations from any journal entries.) Requirements 1. Journalize the mortgage payable issuance on January 1.2024 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31.2024. 4. Journalize the second payment on February 28.2024
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