Question $1$ of $9$ On january $1,2023,$ bridgeport corporation acquired the following properties.

$1.$ Investment property consisting of land and apartment building in toronto for $1\mathrm{.}50$ million. To finance this transaction, bridgeport issued a $5$ years interest free promissory note to repay $$2307941$ on Jan$1,2028$

$2.$Vacant land in rome, italy, for $$2\mathrm{.}4$ million. To finance this transaction, bridgeport obtained a $7\%$ mortgage for the fill purchase price, secured by the land, with a maturity date of Jan $1,2023.$ Interest is payable annually. If bridgeport borrowed this money from the bank, the company would need to pay $9\%$ interest

$\frac{-}{10}$

$($a$)$

Using $(1)$ factor tables, $(2)$ a financial calculator, or $(3)$ Excel function PV$,$ calculate the value of the mortgage. Using the calculation from the tables, record Bridgeport's journal entries on January $1,2023,$ for each of the purchases. $($Hint: Refer to Chapter $3$ for tips on calculating.$)($Round present value factor calculations to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal places e$.$g$.58,971.$ Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $O$ for the amounts. List all debit entries before credit entries.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit,Credit$],[\backslash$table$[[$Jan$.1,],[2023]]],[,$Notes Payable,,$],[,($To record purchase of land and buil,,$],[\backslash$table$[[$Jan$.1],[2023]]],[,($To record purchase of land$),,],[$eTextb$,$ok and Media,,$]]$