Yancey Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction

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Yancey Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $50,000 on December 31.

Instructions

Prepare the journal entries to record the mortgage loan and the first two installment payments.

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Financial Accounting Tools for Business Decision Making

ISBN: 978-1119493631

9th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Question Posted: Jul 11, 2019 06:56 AM

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Yancey Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction

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Financial Accounting Tools for Business Decision Making

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