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Johnson Company borrowed $1,250,000 from Twin Bank on January 1, 2016 in order to expand its mining capabilities. The note requires monthly payments of $27,128

Johnson Company borrowed $1,250,000 from Twin Bank on January 1, 2016 in order to expand its mining capabilities. The note requires monthly payments of $27,128 and carried an annual interest rate of 10%. Prepare the journal entry to: a)Record the mortgage b)Record the first month installment payment.

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