Question: Lisa Ehrlich Inc. issues a $1,300,000, 9%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for

Lisa Ehrlich Inc. issues a $1,300,000, 9%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $247,000.

Instructions

  1. Prepare the entry to record the mortgage loan on December 31, 2020
  2. Prepare a mortgage payment schedule for the first 2 years.
  3. Prepare the entries to record the first and second installment payments on December 31, 2021 and 2022.

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