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What is the journal entry to record first semiannual payment

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Reference no: EM132702517

Problem - Morrison Inc. purchased a building and issued a $280,000, 8%, mortgage on January 1, 2019. Payments of $12,377 are made semiannually on June 30 and December 31 each year.

Required -

a. What is the journal entry on January 1, 2019?

b. What is the journal entry to record the first semiannual payment on June 30, 2019?

Reference no: EM132702517

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