Blissful Corporation
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Free InquiryOn 31 October 2020, Blissful Corporation incurs a 30-year €600,000 mortgage liability in conjunction with the purchase of a hotel. This mortgage is payable in
equal monthly installments of €6,485 which include interest computed at an annual rate of 12%. The first monthly payment is made on 30 November 2020. This
mortgage is fully amortizing over 360 months.
Instructions:
(1) Complete the amortization table for the first four payments by entering the correct euro amounts in the blank spaces provided. (20 points) Round to the
nearest full number.
Interest Payment Monthly Interest Reduction in Unpaid
Period Date Payment Expense Principal Balance
Issue date
1
2
3
4
(2) Record the first two payments in the general journal. (10 points)
Date Account Titles and Explanation Debit Credit
(3) What is the aggregate amount paid by Blissful Corporation over the 30-year life of the mortgage? What is the total amount paid for interest charges? (10
points)
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