Blossom Company borrowed $750,000 on December 31, 2019, by issuing an $750,000, 8% mortgage note...
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Accounting
Blossom Company borrowed $750,000 on December 31, 2019, by issuing an $750,000, 8% mortgage note payable. The terms call for annual installment payments of $111,772 on December 31.
(a)
Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.)
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