Question: Sandhill Co. receives $312.600 when it issues a $312,600, 10%, mortgage note payable to finance the construction of a building at December 31, 2022.

Sandhill Co. receives $312.600 when it issues a $312,600, 10%, mortgage note

Sandhill Co. receives $312.600 when it issues a $312,600, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $52,100 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to 0 decimal places, eg 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date e Textbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit Answer

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