Question: I don't know what I did wrong. (the two red boxes) Novak Corp. receives $180,000 when it issues a $180,000, 12%, mortgage note payable to

I don't know what I did wrong. (the two red boxes)

I don't know what I did wrong. (the two red boxes) Novak

Novak Corp. receives $180,000 when it issues a $180,000, 12%, mortgage note payable to finance the construction of a building at December 31, 2019. The terms provide for annual installment payments of $30,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Dec. 31, 2019 Account Titles and Explanation cash 000 T Mortgage Payable T 180,000 Dec. 31, 2020 Interest Expense 1,6001 Mortgage Payable 8400 Cash 30,000 Dec 31, 2021 Interest Expense 19008 Mortgage Payable Cash 30,000

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