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Question
perez co. receives $1,100,000 when it issues a $1,100,000, 8%, mortgage note payable to finance the construction of a building at december 31, 2012. the terms provide for semiannual installment payments of $70,410 on june 30 and december 3
instructions
prepare the journal entries to record the mortgage loan and the first two installment payments.
Answer
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