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Prepare the journal entries to record the mortgage loan

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Problem - Sheffield Corp. receives $150,000 when it issues a $150,000, 9%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $25,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments.

Reference no: EM132903841

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