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Prepare the journal entries to record the mortgage loan

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Reference no: EM132808976

Lucky Company borrowed $1,000,000 on December 31, 2017, by issuing $1,000,000, 8% mortgage note payable. The terms call for annual installment payments of $150,000 on December 31.

Instructions

Problem (a) Prepare the journal entries to record the mortgage loan and the first two installment payments.

Problem (b) Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31, 2019.

Reference no: EM132808976

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