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Roe Inc. issues a $300,000, 10%, 20-year mortgage note to obtain needed financing for a new lab. The terms call for semiannual payments of $13,000

Roe Inc. issues a $300,000, 10%, 20-year mortgage note to obtain needed financing for a new lab. The terms call for semiannual payments of $13,000 each. Prepare the entries to record the mortgage loan and the first installment payment.

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