Monty Corp. receives $$282,000$ when it issues a $$282,000,10\%$ mortgage note payable to finance the construction of a building at December $31,2022.$ The terms provide for annual installment payments of $$47,000$ on December $31.$

Prepare the journal entries to record the mortgage loan and the first two payments. $($Credit account titles are automatically indented when amount is entered. Do not indent manually.$)$

$$ Account Titles and Explanation

Debit

Credit

Dec. $31,2023$

$$

Dec. $31,2024$

$$

$$

:$\text{'}$

$$