*P10-12A Durango purchased a new piece of equipment to be used in its new facility. The $370,000 piece of equipment was purchased with a $50,000 down payment and with cash received through the issuance of a $320,000, 8%, 3-year mortgage note payable issued on October 1, 2012. The terms provide for quarterly installment payments of $30,259 on December 31, March 31, June 30, and September 30.
Instructions
(Round all computations to the nearest dollar.)
(a) Prepare an installment payments schedule for the first five payments of the notes payable.
(b) Prepare the journal entry related to the notes payable for December 31, 2012.
(c) Show the balance sheet presentation for this obligation for December 31, 2012. (Hint: Be sure to distinguish between the current and long-term portions of the note.)
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