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Prepare journal entries to record the mortgage note payable

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Reference no: EM133107815

Question - Ivanhoe Resort Corp. issued a 20-year, 7%, $230,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31.

Required -

1. Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a fixed principal payment of $5,750.

2. Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a blended payment of $10,770.

Reference no: EM133107815

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