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On January 1, Wonderland, Inc. signed a $210,000, 6%, 30-year mortgage that requires semiannual payments of $7,588 on June 30 and December 31 of each
On January 1, Wonderland, Inc. signed a $210,000, 6%, 30-year mortgage that requires semiannual payments of $7,588 on June 30 and December 31 of each year. The journal entry to record the first semiannual payment would be (round interest calculation to the nearest dollar) to: O A. debit Interest Expense, $6,300; debit Mortgage Payable, $1,288; credit Cash, $7,588. O B. debit Mortgage Payable, $7,588, credit Cash, $7,588. O C. debit Interest Expense, $6,300, debit Mortgage expense, $1,288, credit Cash, $7,588. O D. debit Interest Expense, $1,288; debit Mortgage Payable, S6,300; credit Cash, $7,588
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