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Exercise 15-10 Dreiling Company borrowed $570,000 on January 1, 2017, by issuing a $570,000, 7%...

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Exercise 15-10 Dreiling Company borrowed $570,000 on January 1, 2017, by issuing a $570,000, 7% mortgage note payable. The terms call for annual installment payments of $47,500 on December 31 Your answer is correct. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to o decimal places, eg. 15.250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Cash 570000 Jan. 1, 201 L 570000 Mortgage Payable 30000 Dec. 31, 201 nterest Expense 2600 T Mortgage payable 7500 Cash Dec. 31, 201 nterest Expense 8132 Mortgage payable

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