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Prepare the journal entries to record the mortgage note

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Question - Cullumber Resort Corp. issued a 20-year, 5%, $235,000 mortgage note payable to finance the construction of a new building on December 31, 2021. The terms provide for semi-annual instalment payments on June 30 and December 31.

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Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a fixed principal payment of $5,875.

Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a blended payment of $9,362.

Reference no: EM133125190

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