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Mortgage Payable On June 1, 2020, Shelby GT Corporation purchased a assembly facility by signing a long-term $1,600,000 mortgage with monthly payments of $12,400. The

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Mortgage Payable On June 1, 2020, Shelby GT Corporation purchased a assembly facility by signing a long-term $1,600,000 mortgage with monthly payments of $12,400. The mortgage carries an interest rate of 9 percent. Required: Prepare the required journal entries without explanations to record the purchase and the first two monthly instalment payments. Round answers to the nearest dollar

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