Prepare the journal entries to record the mortgage loan

Reference no: EM133360204

Cullumber Co. receives $248,400 when it issues a $248,400, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $41,400 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Reference no: EM133360204

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