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Eve Corporation issues a $9,000,000, 5%, 20-year mortgage note on December 31, 2017 to obtain needed financing for the construction of a building addition. The
Eve Corporation issues a $9,000,000, 5%, 20-year mortgage note on December 31, 2017 to obtain needed financing for the construction of a building addition. The terms provide for annual install payments of $722,183 on December 31. Instructions 1 Prepare the journal entire to record the mortgage loan on December 31, 2017, and the first installment payment. 2 Will the amount of the principal reduction in the second installment payment be more or less than with the first installment payment? Date 12/31/171 Account Titles Debit Credit 12/31/18 b
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