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Please answer the following question. Thanks! On 1/1/X1, Brady Inc. financed the purchase of a building by issuing a $929, 879, 10%, 6-year, mortgage note
Please answer the following question. Thanks!
On 1/1/X1, Brady Inc. financed the purchase of a building by issuing a $929, 879, 10%, 6-year, mortgage note payable. The journal entry to record this transaction is already shown in the journal below. The note will be paid back in six equal annual installment payments of $ 213, 507 on December 31 of each year beginning December 31, 20X1. Required: Using the above information, prepare the journal entries to record the first and second installment payments on 12/31/X1 and 12/31/X2, respectivelyStep by Step Solution
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