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Nance Co. receives $458,500when it issues a $458,500,5%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide

Nance Co. receives $458,500when it issues a $458,500,5%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $21,906on June 30 and December 31.

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