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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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