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Illustration: Porter Technology Inc. issues a $500,000, 8%, 20-year mortgage note on December 31, 2017. The terms provide for annual installment payments of $50,926 (not

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Illustration: Porter Technology Inc. issues a $500,000, 8%, 20-year mortgage note on December 31, 2017. The terms provide for annual installment payments of $50,926 (not including real estate taxes and insurance). Prepare the entries to record the mortgage and first payment. Dec. 31 Dec. 31

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