Kenko Company issued a $3,500,000, 10%, 10-year mortgage note payable to finance the construction of...
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Accounting
Kenko Company issued a $3,500,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $569,609.
Instructions
Prepare the entry to record:
(a) the mortgage loan on December 31, 2017.
(b) the first installment payment.
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