Larkspur, Inc. issues a $$730,000,10\%,10-$year mortgage note on December $31,2025,$ to obtain financing for a new building. The terms provide for annual installment payments of $$118,804.$

Prepare the entry to record the mortgage loan on December $31,2025,$ and the first installment payment on December $31,2026.($List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit