Crane Inc. issues a $$1,270,000,8\%,10-$year mortgage note on December $31,2020,$ to obtain financing for a new building. The terms provide for annual installment payments of $$189,267.$

Prepare the entry to record the mortgage loan on December $31,2020,$ and the first installment payment on December $31,2021.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Date Account Titles and Explanation

Debit

Credit

Dec. $31,2020$

$$

Dec. $31,2021$

$$