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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