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Shamrock, Inc. issues a $550,000, 10%, 10-year mortgage note on December 31, 2017, to obtain financing for a new building. The terms provide for annual

Shamrock, Inc. issues a $550,000, 10%, 10-year mortgage note on December 31, 2017, to obtain financing for a new building. The terms provide for annual installment payments of $89,510. Prepare the entry to record the mortgage loan on December 31, 2017, and the first installment payment on December 31, 2018.

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