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Prepare the journal entry to record the mortgage loan

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Question - Pharoah Company receives $385,000 when it issues a $385,000, 6%, mortgage note payable to finance the construction of a building at December 31. 2017. The terms provide for annual installment payments of $39,641 on December 31.

Required - Prepare an amortization schedule of a mortgage note for two years.

Prepare the journal entry to record the mortgage loan.

Prepare the journal entries to record the first two installment payments.

Reference no: EM133165151

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