Sunland Inc. issues an $850,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $120,000. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December 31, 2023.

Lycan, inc., has 7.5 percent coupon bonds on the market that have 8 years left to maturity. the bonds make annual payments and have a par value of $1,000. if the ytm on these bonds is 9.5 percent, what is the current bond price? (do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) current bond price