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3. Kirk Company issued a $3,500,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide

3. Kirk Company issued a $3,500,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $569,609. Instructions Prepare the entry to record: (a) the mortgage loan on December 31, 2017. (b) the first installment payment.

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