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E 1 1 . 7 ( LO 3 ) Jernigan Co . receives 2 4 0 , 0 0 0 when it issues a 2

11.7 (

3)

Jernigan Co

.

receives

240, 000

when it issues a

240, 000, 6 %,

mortgage note payable to finance the construction of a building at December

31, 2020 .

The terms provide for annual installment payments of

33, 264

on December

31 .

Instructions

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

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