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Riley Company issued a $4,000,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide

Riley Company issued a $4,000,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $650,981. Instructions Prepare the entry to record: (8%) (a) the mortgage loan on December 31, 2020. (b) the first installment payment.

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