Leoni co receives 277000 when it issues a 277000 13

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Leoni Co. receives $277,000 when it issues a $277,000, 13%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide for semiannual installment payments of $23,083 on June 30 and December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments: 2011 Dec. 31, 2012 June 30, 2012 Dec. 31

Reference no: EM13581086

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