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ollegr [7]
3 years ago
11

Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2019, to obtain financing for a new building. The te

rms provide for annual installment payments of $130,196. Prepare the entry to record the mortgage loan on December 31, 2019, and the first installment payment on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Business
1 answer:
9966 [12]3 years ago
6 0

Answer:

For mortgage loan:

Dr cash      $800,000

Cr mortgage payable     $800,000

Repayment of $130,196

Dr interest expense  $80,000

Dr mortgage payable $50,196

Cr cash                                          $130,196

Explanation:

The repayment of $130,196 comprises of both principal repayment and interest payment.

Interest payment=mortgage amount*rate of interest

mortgage amount is $800,000

rate of interest is 10%

interest payment=$800,000*10%=$80,000

Principal repayment=$130,196-$80,000=$50,196

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2 years ago
good theory should have the virtue of , or refutability. In other words, not only must a theory predict thing that we should obs
Elan Coil [88]

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True. Yes, the theory can be falsified.

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4 0
3 years ago
What is the range for the relative price of cloth such that the economy produces both cloth and food? From _______ to _______ .
dezoksy [38]

The answer is explained in detail below

Explanation:

a_{KC} = 2

a_{LC} = 2

a_{KF} = 3

a_{LF} = 1

Labor, L = 2000; Capital, K = 3000  

Labour constraint,

2Q_{c} + Q_{F} \leq 2000

Capital constraint ,

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  • The range for the relative price of cloth such that the economy produces both cloth and food is  2/3 and 2
  • Low cloth production → economy will use relatively more labor to  produce cloth → opportunity cost of cloth is 2/3rd units of food.
  • High cloth  production → economy dips on labor → taking capital away from food  production → raising opportunity cost of cloth to 2 units of food.  
  • If relative price of cloth lies between 2/3 and  2 units of food, the economy  produces both goods.
  • If the price of cloth decreases below 2/3 → complete  specialization in food production → low compensation for producing cloth
  • If the price of cloth  rises above 2 → complete specialization in cloth production → low compensation for producing  food
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3 years ago
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Nuetrik [128]

Answer:

For this situation, Answer will be (A).

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