Jenseng Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2025, to obtain financing for
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Jenseng Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2025, to obtain financing for a new building. The terms provide for annual installment payments of $130,196. Prepare the entry to record the mortgage loan on December 31, 2025, and the first installment payment on December 31, 2026.
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Related Book For
Accounting Tools For Business Decision Making
ISBN: 9781119791058
8th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Jill E. Mitchell
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