Tucki Co. receives $240,000 when it issues a $240,000, 8%, mortgage note payable to finance the construction
Question:
Tucki Co. receives $240,000 when it issues a $240,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $17,660 on June 30 and December 31.
Instructions
Prepare the journal entries to record the mortgage loan and the first two installment payments.
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2014 Issuance of Note Dec 31 Cash 240000 Mortgage Payable 240000 2015 First Installment Payment ...View the full answer
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Related Book For
Financial and managerial accounting
ISBN: 978-1118016114
1st edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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