Question: Hanschu Inc issues an 800 000 10 10 year mortgage note on
Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2014, to obtain financing for a new building. The terms provide for semiannual installment payments of $64,195. Prepare the entry to record the mortgage loan on December 31, 2014, and the first installment payment.
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