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Question 6 of 7 View Policies Current Attempt in Progress Detwiler Orchard issues...

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Accounting

Question 6 of 7
View Policies
Current Attempt in Progress
Detwiler Orchard issues a $830,000,5%,10-year mortgage note to obtain needed financing for a new lab. The terms call for annual payments of $107,489 each.
Prepare the entries to record the mortgage loan and the first installment payment. (Credit accourit titles are automatically indented whel amount is entered. Do not indent mariually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round answers to O decimal places, eg.5,275.)
Account Titles and Explanation
Debit
Credit
(To record mortgage loan)
-
-
-
( To record annual payment on mortgage)
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