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Crane Inc. was an 8720,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual
Crane Inc. was an 8720,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of 5120,000 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 amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec 31, 2020 Mortgage Payable Cash Dec 31, 2021 Cash Mortgage Payable
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