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The terms provide for annual installment payments of 5000

Question - Skysong, Inc. receives $ 30,000 when it issues a $ 30,000 , 14 %, mortgage note payable to finance the construction of a building at December 31, 2019. The terms provide for annual installment payments of $ 5,000 on December 31.

Prepare the journal entries to record the mortgage loan and the first two payments.

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Accounting Basics: The terms provide for annual installment payments of 5000

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Accounting Basics: The terms provide for annual installment payments of 5000

Reference No:- TGS02545949

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