Question $6$ of $7$

View Policies

Current Attempt in Progress

Detwiler Orchard issues a $$830,000,5\%,10-$year mortgage note to obtain needed financing for a new lab. The terms call for annual payments of $$107,489$ each.

Prepare the entries to record the mortgage loan and the first installment payment. $($Credit accourit titles are automatically indented whel amount is entered. Do not indent mariually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Round answers to $O$ decimal places, eg$.5,275.)$

Account Titles and Explanation

Debit

Credit

$$

$$

$$

$($To record mortgage loan$)$

$-$

$-$

$-$

$($ To record annual payment on mortgage$)$