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Question - On June 30 20X7, real estate was purchased with a fifteen- year mortgage of $270,000. The terms of the mortgage were monthly payments of $1,500 on the principal and 12 percent interest on the unpaid balance, with payments beginning July 30 and due on the 30th of the month thereafter.
A. Show how the mortgage would be presented on the balance sheet for June 30, 20X7.
B. Show how the mortgage would be presented on the balance sheet for July 31, 20X7.
C. Show how the mortgage would be presented on the balance sheet for June 30, 20X8.
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