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Prepare the journal entries to record the mortgage loan

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Question

Sunland Co. receives $339,600 when it issues a $339,600, 10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $56,600 on December 31.

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

Reference no: EM132363343

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