Leihsing Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2013, to obtain financing for
Question:
Leihsing Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2013, to obtain financing for a new building. The terms provide for semiannual installment payments of $48,145. Prepare the entry to record the mortgage loan on December 31, 2013, and the first installment payment.
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Semiannual Interest Period Issue Date 1 Dec 31 A June ...View the full answer
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Related Book For 
Accounting Tools for Business Decision Making
ISBN: 978-1118128169
5th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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