Business, 07.05.2020 13:57 hermine40

Monty Corp. receives $180,000 when it issues a $180,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2019. The terms provide for annual installment payments of $30,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to 0 decimal places, e. g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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Monty Corp. receives $180,000 when it issues a $180,000, 10%, mortgage note payable to finance the c...

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