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

question 5

Essay

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.
$$\begin{array} { | l | l | l | } \hline & & \\\hline & & \\\hline\end{array}$$

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Definitions:

Highly Subjective

Dependent on or influenced by personal feelings, tastes, or opinions, lacking an objective standpoint.

Precise Reaction Times

The time period taken to respond to a specific stimulus with great accuracy, often measured in cognitive and motor tasks.

William James

An American philosopher and psychologist, often referred to as the "Father of American psychology," known for his work in pragmatism and functional psychology.

True Purpose

The actual reason behind an action or an existence, not always visible or declared.