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Q2 On August 15, 2017, Hillary Company has a 30-year $ 600,000 mortgage liability. The...

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Q2 On August 15, 2017, Hillary Company has a 30-year $ 600,000 mortgage liability. The mortgage is payable in equal monthly installments of $ 6,485. The annual interest rate is 12% (1% monthly) Required A) Make the amortization table for the first five payments beginning on September 15, 2017 B) Prepare the joumal entries to record the first two monthly payments. C) Prepare adjusting entry required on December 31, 2017 D) Calculate the total amount of interest to be paid by Hillary over the 30-year life of the mortgage. Q3 Assume that Candlestick Company sells $100,000, 5 year, 10% bonds at $98,000. Interest is paid semiannually on. April land and October 1 each year. Company uses straight-line amortization. Required A) Make the journal entry to record the issuance of bond on April 1. B) Make the first journal entry for payment of interest. C) Make adjusting entry for accrual of interest. D) Show the balance sheet presentation at the end of Year 1 of bond issue. E) Make the second journal entry for payment of interest

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