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Pinkston Inc. issues a $500,000, 7%, 15-year mortgage note on December 31, 2017, to obtain financing for a new building. The terms provide for annual

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Pinkston Inc. issues a $500,000, 7%, 15-year mortgage note on December 31, 2017, to obtain financing for a new building. The terms provide for annual installment payments of $54, 897. Instructions: Prepare the entry to record the mortgage loan on December 31, 2017, and the first two installment payments on December 31 for each corresponding year. (Rounded to the nearest dollar)

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