McCormack Co. purchased a building and issued a $360,000, 6 percent mortgage note on January 1, 2018.

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McCormack Co. purchased a building and issued a $360,000, 6 percent mortgage note on January 1, 2018. Payments of $13,008 are made semiannually on June 30 and December 31 each year. Record the journal entries for

(a) Issuance of the note on January 1, 2018,

(b) The first semiannual payment on June 30, 2018.

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Financial Accounting

ISBN: 978-0134727790

5th edition

Authors: Robert Kemp, Jeffrey Waybright

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Question Posted: Dec 19, 2019 08:02 AM

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McCormack Co. purchased a building and issued a $360,000, 6 percent mortgage note on January 1, 2018.

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Journal DATE ACCOUNTS POST REF Dr Cr 2018 a Jan 1 Building ...View the full answer

Financial Accounting

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