Question: E 1 1 . 7 ( LO 3 ) Jernigan Co . receives 2 4 0 , 0 0 0 when it issues a 2

E11.7(LO 3) Jernigan Co. receives 240,000 when it issues a 240,000,6%, mortgage note payable to finance the construction of a building at December 31,2020. The terms provide for annual installment payments of 33,264 on December 31.
Instructions
Prepare the journal entries to record the mortgage loan and the first two payments.
E11.7(LO 3) Jernigan Co. receives 240,000 when it issues a 240,000,6%,

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