Novak Corp. receives $375,600 when it issues a $375,600, 10% mortgage note payable to finance the...

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Novak Corp. receives $375,600 when it issues a $375,600, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $62,600 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Dec. 31, 2022 # Cash Debit Credit 375600 Mortgage Payable Mortgage Payable Dec. 31, 2023 interest Expense Mortgage Payable Cash Dec. 31, 2024 Interest Expense Mortgage Payable Call 37560 Novak Corp. receives $375,600 when it issues a $375,600, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $62,600 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Dec. 31, 2022 # Cash Debit Credit 375600 Mortgage Payable Mortgage Payable Dec. 31, 2023 interest Expense Mortgage Payable Cash Dec. 31, 2024 Interest Expense Mortgage Payable Call 37560