Kelso Co. receives $479,000 when it issues a $479,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2010. The terms provide for semiannual installment payments of $30,660 on June 30 and December 31.
Prepare the journal entries to record the mortgage loan and the first two installment payments. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2. Round all answers to 0 decimal places, e.g. 2,510.)