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Prepare the journal entries to record the mortgage loan

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Question - Jernigan Co. receives $180,000 when it issues a $180,000, 12%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $30,000 on December 31.

Prepare the journal entries to record the mortgage loan and the first two payments.

Reference no: EM132078302

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