On January 1, 2024. Thompson Company purchased $350.000 of property by paying $100,000 in cash and signing a 10-year mor

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On January 1 2024 Thompson Company Purchased 350 000 Of Property By Paying 100 000 In Cash And Signing A 10 Year Mor 1 (18.91 KiB) Viewed 26 times

On January 1, 2024. Thompson Company purchased $350.000 of property by paying $100,000 in cash and signing a 10-year mortgage note at 13% for the balance Thompson will make yearly payments based on the following americation schedule Beginning Principal Balance Ending Payment Interest Total Expense Payment Balance 01/01/2024 $250,000 $250,000 $13.572 $32,500 $40.072 236,428 01/01/2025 01/01/2026 01/01/2027 236,425 15,336 30,730 46,072 221,000 221,002 17.330 28,742 48.072 203.762 01/01/2026 203,762 10,583 26.480 46.072 184,179 01/01/2029 184,179 22.129 23,943 46.072 162,000 What is the joumal entry for the first payment? OA Cash Interest Expense Mortgages Payable 30,736 15,336 OB Cash interest Expense Mortgages Payable 76.808 OC. Mortgages Payable Interest Expense Cash 30,735 OD. Mortgages Payable Interest Expense Cash 46,072 46,072 46,072 30.736 15,336 30,736 13,572 32,500