Question: Jernigan Co receives 300 000 when it issues a 300 000 10

Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $25,000 on June 30 and December 31.

Instructions
Prepare the journal entries to record the mortgage loan and the first two installment payments.




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  • CreatedJanuary 30, 2014
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