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Prepare journal entries to record the mortgage note payable

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Reference no: EM133142930

Question - Yorkton Inc. issued a 20-year, 5%, $1,000,000 mortgage note payable to finance construction of a new building on December 31, 2021. The terms provide for semi- annual instalment payments on June 30 and December 31.

Required - Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is:

a. A fixed principal payment of $25,000

b. A blended payment of $39,836

Reference no: EM133142930

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