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Mc Entire Inc. issues a $400, 000, 10%, 10-year mortgage note on December 31, 2014, to obtain financing for a new building. The terms provide

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Mc Entire Inc. issues a $400, 000, 10%, 10-year mortgage note on December 31, 2014, to obtain financing for a new building. The terms provide for semiannual instalment payments of $32, 097. Prepare the entry to record the mortgage loan on December 31, 2014, and the first instalment payment

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