Question: Problem 10-5A (Part Level Submission) Talkington Electronics issues a $350,000, 6%, 10-year mortgage note on December 31, 2016. The proceeds from the note are to

Problem 10-5A (Part Level Submission) Talkington Electronics issues a $350,000, 6%, 10-year mortgage note on December 31, 2016. The proceeds from the note

Problem 10-5A (Part Level Submission) Talkington Electronics issues a $350,000, 6%, 10-year mortgage note on December 31, 2016. The proceeds from the note are to be used in financing a new research of the for annual installment payments, exclusive of real estate taxes and insurance, of $47,554. Payments are laboratory. The terms note provide due on December 31. (a) (b) Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Account Titles and Explanation Dec. 31, 2017

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