Question: McEntire Inc. issues a $400,000, 10%, 10-year mortgage note on December 31, 2014, to obtain financing for a new building. The terms provide for semiannual

McEntire Inc. issues a $400,000, 10%, 10-year mortgage note on December 31, 2014, to obtain financing for a new building. The terms provide for semiannual installment payments of $32,097. Prepare the entry to record the mortgage loan on December 31, 2014, and the first installment payment.

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