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Question
whitmore corporation issues a £1,200,000, 10%, 10-year mortgage on december 31, 2011. the terms call for semi-annual installment payments of £96,290.the entry to record the first installment payment will include
a.a debit to interest payment of £96,290
b.a debit to mortgage notes payable of £23,710
c.a debit to interest expense of £120,000
d.a credit to cash of £96,290
Answer
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