Detwiler Orchard issues a $700,000, 6%, 15-year mortgage note to obtain needed financing for a new lab.

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Detwiler Orchard issues a $700,000, 6%, 15-year mortgage note to obtain needed financing for a new lab. The terms call for semiannual payments of $35,714 each. Prepare the entries to record the mortgage loan and the first installment payment.

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Accounting Principles

ISBN: 9781118566671

11th Edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

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Question Posted: Jan 30, 2014 02:02 AM

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Detwiler Orchard issues a $700,000, 6%, 15-year mortgage note to obtain needed financing for a new lab.

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