Question $5$ of $9$

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Sheridan Resort Corp. issued a $20-$year, $8\%,$$$290,000$ mortgage note payable to finance the construction of a new building on December $31,2024.$ The terms provide for semi$-$annual instalment payments on June $30$ and December $31.$

$($a$)$

Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a fixed principal payment of $$7,250.($Round answers to $0$ decimal places, e$.$g$.5,276.$ List all debit entries before credit entries. 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. Recprd journal entries in the order presented in the problem.$)$

te Account Titles

Debit

Credit

Issue of Note