Peyton Co. receives $110,000 when it issues a $110,000, 10%, mortgage note payable to finance the construction
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Peyton Co. receives $110,000 when it issues a $110,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2001. The terms provide for semiannual installment payments of $7,500 on June 30 and December 31.
Instructions Prepare the journal entries to record the mortgage loan and the first two installment payments.
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Related Book For 
Financial Accounting Tools For Business Decision Making
ISBN: 9780471347743
2nd Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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