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Sunland Company purchased a building on January 2 by signing a long-term 5600000 mortgage with monthly payments of $5100. The mortgage carries an interest rate

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Sunland Company purchased a building on January 2 by signing a long-term 5600000 mortgage with monthly payments of $5100. The mortgage carries an interest rate of 10 percent The entry to record the first monthly payment will include a debit to the Cash account for $5100 credit to the Cash account for $5000, debit to the Interest Expense account for $5000, credit to the Mortgage Payable account for $5100

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