What is the journal entry on the date of issuance

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Reference no: EM132830012

On December 1, 2020, A Co. signed a 15-month, P69,325 mortgage note payable to X Bank in conjunction with the purchase of Equipment. The mortgage calls for a 1.0 % interest per month. The note is fully amortized over 15 months. The monthly payments amount to P5,000.

Problem 1: What is the Journal entry on the date of issuance

Reference no: EM132830012

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