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Mason Corporation purchased a warehouse by signing a long-term $800,000 mortgage with monthly payments of $6,200. The mortgage carries an interest rate of 9 percent.

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Mason Corporation purchased a warehouse by signing a long-term $800,000 mortgage with monthly payments of $6,200. The mortgage carries an interest rate of 9 percent. Prepare entries in journal form with explanations to record the purchase 2pts Prepare entries in journal form with explanations to record the first two monthly payments. Round answers to the nearest dollar

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