Journal entries to record the mortgage loan

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Moore Co. receives $110,000 when it issues a $110,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2007. The terms provide for semiannual installment payments of $7,041 on June 30 and December 31.

Prepare the journal entries to record the mortgage loan and thefirst two installment payments.

Reference no: EM13258429

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