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Prepare journal entries to reflect the issuance

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Question - On December 31, 2017, James, Inc., borrowed $500,000 on an eight percent, ten-year mortgage note payable. The note is to be repaid in equal quarterly installments of $18,278 (beginning March 31, 2018). Prepare journal entries to reflect (a) the issuance of the mortgage note payable, (b) the payment of the first installment on March 31, 2018, and (c) the payment of the second installment on June 30, 2018. Round amounts to the nearest dollar.

Reference no: EM133051100

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