Yancey Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction
Question:
Yancey Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $50,000 on December 31.
Instructions
Prepare the journal entries to record the mortgage loan and the first two installment payments.
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Related Book For
Accounting Tools for Business Decision Making
ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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