Current Attempt in Progress

Sunland Inc. issues an $$710,000,10\%,10-$year mortgage note on December $31,2022,$ to obtain financing for a new building. The terms

provide for annual installment payments of $$100,000.$

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

Credit