Question: Pickeril Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2010, to obtain financing for a new building. The terms provide for semiannual

Pickeril Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2010, to obtain financing for a new building. The terms provide for semiannual installment payments of $48,145. Prepare the entry to record the mortgage loan on December 31, 2010, and the first installment payment.

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