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Company Y acquires a land costing $450,000. It pays $25,000 cash down and assumes a long-term mortgage for the balance of the purchase price. What

Company Y acquires a land costing $450,000. It pays $25,000 cash down and assumes a long-term mortgage for the balance of the purchase price. What is the value for the credit entry of Mortgage Payable? (your answer should be exact)

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