Question
Blossom Company borrowed $322,000 on January 1, 2020, by issuing a $322,000, 10% mortgage note payable. The terms call for annual installment payments of $63,000
Blossom Company borrowed $322,000 on January 1, 2020, by issuing a $322,000, 10% mortgage note payable. The terms call for annual installment payments of $63,000 on December 31.
Prepare the journal entries to record the mortgage loan and the first two installment payments.
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Gleim CIA Review Part 2 Practice Of Internal Auditing
Authors: Irvin N. Gleim
2020 Edition
1618542648, 978-1618542649
