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Splish Brothers Inc. issues a $570,000, 10%, 10-year mortgage note on December 31, 2017, to obtain financing for a new building. The terms provide for
Splish Brothers Inc. issues a $570,000, 10%, 10-year mortgage note on December 31, 2017, to obtain financing for a new building. The terms provide for annual installment payments of $92,765. 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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