Bramble Corp. issues an $$775,000,15\%,10-$year mortgage note on December $31,2022,$ to obtain financing for a new building. The terms provide for annual installment payments of $$154,420.$

Prepare the entry to record the mortgage loan on December $31,2022,$ and the first installment payment on December $31,2023.($Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit

Cash

Mortgage Payable

Dec. $31,2023$

Interest Expense

Mortgage Payable

Cash