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

  1. On January 1, 2019 Inglewood Corporation purchased a new warehouse facility for $5 million. Inglewood made a 10 down payment and financed the remaining $4.5 million with a 30-year mortgage at 4% with payments due monthly.
    1. Compute the amount of Inglewood’s monthly payment
  1. Prepare the journal entry for the purchase of the warehouse
  1. Prepare an amortization table that covers the first four monthly payments made on the mortgage.
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