Prepare the entry to record the mortgage loan

Reference no: EM131830764

Question: Jenseng Inc. issues a $800,000, 10%, 10-year mortgage note on December 31, 2017, to obtain financing for a new building. The terms provide for annual installment payments of $130,196. Prepare the entry to record the mortgage loan on December 31, 2017, and the first installment payment on December 31, 2018.

Reference no: EM131830764

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