On January 1,2013,Thames Company purchases property and signs a 6-year mortgage note for $60,000 at 4%.Please see the partial amortization schedule below.
$$\begin{array} { l l r }
\text { AMORTIZATION SCHEDULE } & \text { Principal } & \$ 60,000.00 \
\text { (partial) } & \text { Rate } & 4.00 \% \
& \text { Payment } & \$ 980.00
\end{array}$$
-At December 31,2013,after the December payment has been made,a new reclassification entry must be made to update the balance in the current portion of mortgage payable.Please provide that journal entry.
$$\begin{array} { | l | l | l | }
\hline & & \
\hline & & \
\hline
\end{array}$$

Question

On January 1,2013,Thames Company purchases property and signs a 6-year mortgage note for $60,000 at 4%.Please see the partial amortization schedule below.
 $$\begin{array} { l l r } 
\text { AMORTIZATION SCHEDULE } & \text { Principal } & \$ 60,000.00 \
\text { (partial) } & \text { Rate } & 4.00 \% \
& \text { Payment } & \$ 980.00
\end{array}$$ 
-At December 31,2013,after the December payment has been made,a new reclassification entry must be made to update the balance in the current portion of mortgage payable.Please provide that journal entry.
 $$\begin{array} { | l | l | l | } 
\hline & & \
\hline & & \
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer of On January 1,2013,Thames Company purchases property and signs a 6-year mortgage note for $60,000 at 4%.Please see the partial amortization schedule below.
 $$\begin{array} { l l r } 
\text { AMORTIZATION SCHEDULE } & \text { Principal } & \$ 60,000.00 \
\text { (partial) } & \text { Rate } & 4.00 \% \
& \text { Payment } & \$ 980.00
\end{array}$$ 
-At December 31,2013,after the December payment has been made,a new reclassification entry must be made to update the balance in the current portion of mortgage payable.Please provide that journal entry.
 $$\begin{array} { | l | l | l | } 
\hline & & \
\hline & & \
\hline
\end{array}$$

On January 1,2013,Thames Company Purchases Property and Signs a 6-Year