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On December 1st 2022, Lovers' Lanes Bowling Alley takes out a $100,000 mortgage to purchase a new building. The interest rate on the mortgage is

  1. On December 1st 2022, Lovers' Lanes Bowling Alley takes out a $100,000 mortgage to purchase a new building. The interest rate on the mortgage is 9% per year and the required payments are $800 per month. What is the value of Lovers' Lanes mortgage payable reported on the 2022 balance sheet?

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