Question: Brief Exercise 165 Proxy Inc. issues a $1,300,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms

Brief Exercise 165 Proxy Inc. issues a $1,300,000, 10%, 10-year mortgage

Brief Exercise 165 Proxy Inc. issues a $1,300,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $211,569. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Dec. 31, 2020 Dec. 31, 2021

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