Vaughn Company purchased a building on January 2 by signing a long-term $629000 mortgage with monthly...

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Vaughn Company purchased a building on January 2 by signing a long-term $629000 mortgage with monthly payments of $6700. The mortgage carries an interest rate of 12 percent. The entry to record the first monthly payment will include a debit to the Cash account for $6700. O credit to the Cash account for $6290. credit to the Mortgage Payable account for $6700. O debit to the Interest Expense account for $6290. Vaughn Company purchased a building on January 2 by signing a long-term $629000 mortgage with monthly payments of $6700. The mortgage carries an interest rate of 12 percent. The entry to record the first monthly payment will include a debit to the Cash account for $6700. O credit to the Cash account for $6290. credit to the Mortgage Payable account for $6700. O debit to the Interest Expense account for $6290.

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