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Prepare journal entries to record purchase of building

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On November 30, 2021, Sandhill Inc. purchased a building and financed the purchase by signing a $ 426,000, 10-year, 6% mortgage note payable. The terms provide for monthly instalment payments.

Problem 1: Prepare the journal entries to record the purchase of the building and the mortgage loan on November 30, 2021, and the first two payments on December 31, 2021, and January 31, 2022, assuming the payment is a fixed principal payment of $ 3,550.

Reference no: EM132999006

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