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Smart Fit Company borrowed 600,000 on December 31, 2022, by issuing a $600,000.7% mortgage note payable. The terms call for annual installment payments of $80.000

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Smart Fit Company borrowed 600,000 on December 31, 2022, by issuing a $600,000.7% mortgage note payable. The terms call for annual installment payments of $80.000 on December 31 . Prepare the journal entries to record the mortgage and the first two installment payments

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