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Jernigan Co. receives 240,000 when it issues a 240,000, 6%, mortgage note payable to fi nance the construction of a building at December 31, 2017.

Jernigan Co. receives 240,000 when it issues a 240,000, 6%, mortgage note payable to fi nance the construction of a building at December 31, 2017. 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 fi rst two payments.

need Amortization table

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