Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction

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Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2010. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31.

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Prepare the journal entries to record the mortgage loan and the first two installment payments.

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Accounting Principles

ISBN: 978-0470533475

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Sep 13, 2011 08:40 AM

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Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction

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2010 Issuance of Note Dec 31 Cash 240000 Mortgage Notes Payable 2...View the full answer

Accounting Principles

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