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Sandhill Co. purchased a building on January 2 by signing a long-term $3900000 mortgage with monthly payments of $35700. The mortgage carries an interest rate
Sandhill Co. purchased a building on January 2 by signing a long-term $3900000 mortgage with monthly payments of $35700. The mortgage carries an interest rate of 9 percent. The entry to record the first monthly payment will include a credit to the Cash account for $29250. O credit to the Mortgage Payable account for $35700. debit to the Cash account for $35700. debit to the Interest Expense account for $29250
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