Question: Blue Spruce Corp. issues an $ 8 8 0 , 0 0 0 , 1 5 % , 1 0 - year mortgage note on

Blue Spruce Corp. issues an $

880, 000, 15 %, 10 -

year mortgage note on December

31, 2022,

to obtain financing for a new building. The terms provide for annual installment payments of $

175, 342 .

Prepare the entry to record the mortgage loan on December

31, 2022,

and the first installment payment on December

31, 2023 . (

Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.

)

Date

Account Titles and Explanation

Debit

Dec.

31, 2023

to obtain financing for a new building. The terms provide for annual

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