eveyjay
May 8, 2011, 06:41 AM
Paid the mortgage payment on the company facility. Use the Excel PMT function to determine the payment and create an amortization table to determine the necessary items to journalize. The mortgage was signed on July 1, 2004. The mortgage was for 25 years, $125,000 was borrowed at 5% rate, and the first payment was paid on August 1.