On January 1, 2024, Livingston Company purchased land costing $635,000. Instead of paying cash at the time of purchase, Livingston plans to make four installment payments of $170,832.17 on June 30 and December 31 in 2024 and 2025. The payments include interest at a rate of 6%. Required:Record the purchase of land when the note is issued.Record the first installment payment on June 30, 2024, and the second installment payment on December 31, 2024.Calculate the balance of Notes Payable and Interest Expense on December 31, 2024.

On January 1, 2024, a company purchases new equipment for $677,000. The company is required to make a down payment of $129,000 and issue an installment note for the remaining balance of $548,000. The note requires payments of $74,807.37 every three months, beginning March 31, 2024, over the next two years. The interest rate on the note is 8% annually (or 2% every three months). Required:1. Record the purchase of equipment with down payment of $129,000 and the installment note of $548,000 on January 1, 2024.2. Record the first payment of $74,807.37 on March 31, 2024.(If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your answers to 2 decimal places.)

On December 1, Christy Co. accepted a 60-day, 6%, $1,000 note due January 30. On December 31, the appropriate year-end adjusting entry was made. On January 30, the note was honored and paid in full. The entry to record receipt of payment on January 30 (assuming no reversing entry was made) would include a credit to:Multiple select question.Notes Receivable for $1,000.Interest Receivable for $5.Interest Revenue for $5.Interest Revenue for $10.Cash for $1,010.

A company borrowed $15,000 by signing a 120-day promissory note at 10%. The total interest due on the maturity date is. (Use 360 days a year.)Multiple Choice$50.00$750.00$500.00$1,500.00$250.00

On November 1, Alice Co. accepted a 90-day, 6%, $2,000 note due January 30. On December 31, the appropriate adjusting entry was made. On January 30 of the next year, the note was honored and paid in full. The entry to record receipt of payment on January 30 would include a credit to:Multiple select question.Interest Receivable for $20.Interest Revenue for $20.Interest Revenue for $30.Interest Revenue for $10.Cash for $2,030.Notes Receivable for $2,000

Simon has taken a 20-year, $252,000 mortgage on his house at an interest rate of 6% p.a., compounded annually. What is the outstanding balance of the mortgage after the payment of the fifth annual instalment?Group of answer choices$129,987.19$213,383.05$142,156.38$250,707.02