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, 2025. 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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Accounting Tools For Business Decision Making

ISBN: 9781119791058

8th Edition

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

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Question Posted: Jun 22, 2023 07:46 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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