On January 1, 2016, Bratios Company purchased equipment and signed a six-year mortgage note for...
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Accounting
On January 1, 2016, Bratios Company purchased equipment and signed a six-year mortgage note for $194,000 at 15%. The note will be paid in equal annual installments of $51,262, beginning January 1, 2017. On January 1, 2017, the journal entry to record the first installment payment will include a ________. (Round your answer to the nearest whole number.)
credit to Mortgage Payable for $194,000
debit to Interest Expense for $29,100
credit to Cash for $22,162
debit to Mortgage Payable for $51,262
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