Ace Electronics,Inc

question 142

Essay

Ace Electronics,Inc.needed some long-term financing and arranged for a 20-year,$200,000,8% mortgage loan on January 1,2011.Equal annual payments of $20,370 will be made on December 31 each year.
Required:
a.Record the first loan payment made on December 31,2011 in the accounting equation below.Fill in both the correct dollar amount and the letter of the account title from the list of accounts below.

b.Fill in the correct dollar amount AND put an X in the appropriate box to indicate the financial statement where the amount will be found.

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Definitions:

Infertile

The inability to conceive children or young after a period of time, usually a year or more of regular sexual activity without contraception.

Down Syndrome

A genetic disorder caused by the presence of all or part of a third copy of chromosome 21, characterized by physical growth delays, characteristic facial features, and often intellectual disability.

Extra Chromosome

The presence of an additional chromosome in an individual's genetic makeup, which can result in developmental disorders such as Down syndrome.

21st Pair

Refers to the 21st pair of chromosomes in humans, which is critical for determining genetic conditions such as Down syndrome.