Recording mortgage payable entries from an amortization schedule

Kaiser Company’s partial amortization schedule follows:

Payment # Loan

Date

Payment

Interest Expense
Principal x 6% x 1/12)

Principal

Mortgage Balance

1/1/2013

500,000.00

1

1/31/2013

3,597.30

2,500.00

1,097.30

498,902.70

2

2/28/2013

3,597.30

2,494.51

1,102.79

497,799.91

3

3/31/2013

3,597.30

2,489.00

1,108.30

496,691.61

4

4/30/2013

3,597.30

2,483.46

1,113.84

495,577.77

5

5/31/2013

3,597.30

2,477.89

1,119.41

494,458.36

6

6/30/2013

3,597.30

2,472.29

1,125.01

493,333.35

7

7/31/2013

3,597.30

2,466.67

1,130.63

492,202.72

8

8/31/2013

3,597.30

2,461.01

1,136.29

491,066.43

9

9/30/2013

3,597.30

2,455.33

1,141.97

489,924.46

10

10/31/2013

3,597.30

2,449.62

1,147.68

488,776.78

11

11/30/2013

3,597.30

2,443.88

1,153.42

487,623.36

12

12/31/2013

3,597.30

2,438.12

1,159.18

486,464.18

2013 totals

43,167.60

29,631.78

13,535.82

Requirements

1. Journalize the note issuance and the reclassification of the current portion on January 1, 2013 (explanations are not required).

2. Journalize the first payment on January 31, 2013 (do not round).

3. Journalize the second payment on February 28, 2013 (do not round).

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