Question: Nance Co receives 280 000 when it issues a 280 000 6

Nance Co. receives $280,000 when it issues a $280,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $14,285 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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  • CreatedApril 07, 2014
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