Install,Inc.borrowed $80,000 by signing an 8% mortgage note on December 31,2009.The annual interest rate is 8%,with semiannual payments of $4,042 made on June 30 and December 31 every year.Round to the nearest dollar.
Part A: Show the effect on the accounting equation:

Part B: For each item,write in the amount (even if $0)as of or for the Year Ended December 31,2009,2010,and 2011 in the column of the one financial statement where each amount is found.

Question

Install,Inc.borrowed $80,000 by signing an 8% mortgage note on December 31,2009.The annual interest rate is 8%,with semiannual payments of $4,042 made on June 30 and December 31 every year.Round to the nearest dollar.
Part A: Show the effect on the accounting equation:
 
Part B: For each item,write in the amount (even if $0)as of or for the Year Ended December 31,2009,2010,and 2011 in the column of the one financial statement where each amount is found.

Quizplus · Accepted Answer

The Answer of Install,Inc.borrowed $80,000 by signing an 8% mortgage note on December 31,2009.The annual interest rate is 8%,with semiannual payments of $4,042 made on June 30 and December 31 every year.Round to the nearest dollar.
Part A: Show the effect on the accounting equation:
 
Part B: For each item,write in the amount (even if $0)as of or for the Year Ended December 31,2009,2010,and 2011 in the column of the one financial statement where each amount is found.