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Blossom Company purchased a building on January 2 by signing a long-term $3696000 mortgage with monthly payments of $33900. The mortgage carries an interest rate
Blossom Company purchased a building on January 2 by signing a long-term $3696000 mortgage with monthly payments of $33900. The mortgage carries an interest rate of 10 percent. The entry to record the first monthly payment will include a credit to the Cash account for $30800. debit to the Cash account for $33900. credit to the Mortgage Payable account for $33900. debit to the Interest Expense account for $30800
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