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Crane Company borrowed $301,000 on January 1, 2020, by issuing a $301,000, 10% mortgage note payable. The terms call for annual installment payments of $42,000

Crane Company borrowed $301,000 on January 1, 2020, by issuing a $301,000, 10% mortgage note payable. The terms call for annual installment payments of $42,000 on December 31.

(a)

Prepare the journal entries to record the mortgage loan and the first two installment payments

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