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Kessel company purchased a building and land with a fair market value of 650000, building of 400000, and land of 250000, on January 1st

Kessel company purchased a building and land with a fair market value of 650000, building of 400000, and land of 250000, on January 1st 2018. Castle signed a 20-year 8% mortgage payable. Kessel will make monthly payments of $5,436.86. Journalize the mortgage payable issuance on January 1st 2018.

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