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Prepare the entry to record the mortgage loan

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Pickeril Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2011, to obtain financing for a new building. The terms provide for semiannual installment payments of $48,145. Prepare the entry to record the mortgage loan on December 31, 2011, and the first installment payment.

Reference no: EM13531902

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