Exercise 15-10 a-b (Part Level Submission) Pharoah Company borrowed $316,000 on January 1, 2020, by issuing a $316,000, 10% mortgage note payable. The terms call for annual installment payments of $57,000 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (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 Exercise 15-08 The following are two independent situations. 1. Pharoah Corporation redeemed $125,100 face value, 9% bonds on June 30, 2020, at 103. The carrying value of the bonds at the redemption date was $114,100. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. 2. Tastove Inc. redeemed $155,000 face value, 17.00% bonds on June 30, 2020, at 96. The carrying value of the bonds at the redemption date was $158,000. The bonds pay annual interest, and the interest payment due on June 30, 2020, has been made and recorded. For each independent situation above, prepare the appropriate journal entry for the redemption of the bonds. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit Click if you would like to show Work for this question: Onen Show Work