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A company takes out a five-year, $3.5-million mortgage on October 1. The interest rate on...

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Accounting

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A company takes out a five-year, $3.5-million mortgage on October 1. The interest rate on the loan is 6% per year, and blended payments of $67,665 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company with: Prepare the journal entries to record the inception of the loan and the first two monthly payments. Gredit occount vides are autorraticolly indented when anount is entered, Do not indent manualiy. If no entry is required, select "No Entry" for the occount tilles and enter O for the amounts (ist oll debit entries before credit entries. Record joumol entries in the arder presented in the problem.)

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