Paris Company buys a building on a plot of land for $100,000, paying $20,000 cash and signing a 20-year mortgage note for $80,000 at 6%. Monthly payments are $570. The first monthly payment was made in January, 2013. Please provide the journal entry for the first monthly payment.
Definitions:
Price Reduction
A decrease in the selling price of goods or services, typically to attract customers or boost sales.
Traceable Fixed Expense
Costs that are constant and can be directly attributed to a particular department, project, or business segment.
Net Operating Income
The total profit of a company after operating expenses are subtracted from operating revenues, excluding taxes and interest.
Price Hike
An increase in the price of goods or services offered by a company.
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