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

Proxy Inc. issues a $1,300,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $211.569. Prepare the entry to record the mortgage loan on December 31, 2020, and the first installment payment on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2020 Dec. 31, 2021 Detwiler Orchard issues a $710,000,7%. 15-year mortgage note to obtain needed financing for a new lab. The terms call for annual payments of $77.954 each. Prepare the entries to record the mortgage loan and the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record mortgage loan) (To record annual payment on mortgage)

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