Oriole Co$.$ receives $$206,000$ when it issues a $$206,000,10\%,$ mortgage note payable to finance the construction of a building at

December $31,2022.$ The terms provide for annual installment payments of $$24,000$ on December $31.$

$($a$)$

Prepare the journal entries to record the mortgage loan and the first two installment payments. $($List all debit entries before credit

entries. Record journal entries in the order presented in the problem. If no entry is required, select $"$No Entry" for the account titles and enter

$0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$

Date

Account Titles and Explanation

Debit

Credit Oriole Co$.$ receives $$206,000$ when it issues a $$206,000,10\%,$ mortgage note payable to finance the construction of a building at

December $31,2022.$ The terms provide for annual installment payments of $$24,000$ on December $31.$

$($a$)$

Prepare the journal entries to record the mortgage loan and the first two installment payments. $($List all debit entries before credit

entries. Record journal entries in the order presented in the problem. If no entry is required, select $"$No Entry" for the account titles and enter

$0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.$)$