Question: Metlock Co . receives $ 3 8 0 , 0 0 0 when it issues a $ 3 8 0 , 0 0 0 ,

Metlock Co. receives $380,000 when it issues a $380,000,15%, mortgage note payable to finance the construction of a building at December 31,2020. The terms provide for annual installment payments of $69,000 on December 31. Calculate and explain how the remaining balance of the mortgage note payable is reported in the 12/31/2022 balance sheet.
Metlock Co. receives $380,000 when it issues a $380,000,15%, mortgage note

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