Question
Jernigan Co. receives $226,800 when it issues a $226,800, 14%, mortgage note payable to finance the construction of a building at December 31, 2014. The
Jernigan Co. receives $226,800 when it issues a $226,800, 14%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $18,900 on June 30 and December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments.
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International Financial Accounting And Reporting
Authors: Ciaran Connolly
6th Edition
1912350025, 978-1912350025
