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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Accounting Tools For Business Decision Making

ISBN: 9781119791058

8th Edition

Authors: Paul D. Kimmel,  Jerry J. Weygandt,  Jill E. Mitchell

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