On December 1, Year 1, Fisher Corporation incurs a 30-year, $400,000 mortgage liability upon purchase of a warehouse. This mortgage is payable in monthly installments of $4,116, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, Year 1.
-What is the total liability related to this mortgage to be reported in Fisher's balance sheet at December 31, Year 1? (Do not separate into current and long-term portions.)
$________

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The Answer of On December 1, Year 1, Fisher Corporation incurs a 30-year, $400,000 mortgage liability upon purchase of a warehouse. This mortgage is payable in monthly installments of $4,116, which include interest computed at the rate of 12% per year. The first monthly payment is made on December 31, Year 1.
-What is the total liability related to this mortgage to be reported in Fisher's balance sheet at December 31, Year 1? (Do not separate into current and long-term portions.)
$________

On December 1, Year 1, Fisher Corporation Incurs a 30-Year