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Prepare journal entries to record the mortgage note payable

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Question - Carla Vista Resort Corp. issued a 20-year, 5%, $206,000 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.

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 $5,150.

Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a blended payment of $8,206.

Reference no: EM133154148

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