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1. On January 1, 2019 IT Corporation purchased a new warehouse facility for $5 million. IT...

1. On January 1, 2019 IT Corporation purchased a new warehouse facility for $5 million. IT made a 10 down payment and financed the remaining $4.5 million with a 30-year mortgage at 4% with payments due monthly.

a. Compute the amount of IT’s monthly payment

b. Prepare the journal entry for the purchase of the warehouse

c. Prepare an amortization table that covers the first four monthly payments made on the mortgage.

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