Question: Question 6 (12 points) Problem F (12 points) Clanton Corporation issues a $500,000 12%, 20-year mortgage note payable on December 31, 2004 on the purchase

Question 6 (12 points) Problem F (12 points) Clanton Corporation issues

Question 6 (12 points) Problem F (12 points) Clanton Corporation issues a $500,000 12%, 20-year mortgage note payable on December 31, 2004 on the purchase of a new building. The terms of the loan provided for semiannual installment payments of $33,231 on June 30 and December 31. Prepare Journal entries to: 1. Record the mortgage on December 31, 2004. Type Debit (hit return key) Type Credit, by spacing four to five spaces for each transaction in the problem. Leave a blank line between your transactions. 2. Record the first installment payment on June 30, 2005. 3. Record the second installment payment on December 31, 2005

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