Nance Co. receives $280,000 when it issues a $280,000, 6%, mortgage note payable to finance the construction

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Nance Co. receives $280,000 when it issues a $280,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $14,285 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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Accounting Tools For Business Decision Making

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Authors: Kimmel, Wetlands, Kieso

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Nance Co. receives $280,000 when it issues a $280,000, 6%, mortgage note payable to finance the construction

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Accounting Tools For Business Decision Making

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