Crane Inc. issues a $1,270,000,8%,10-year mortgage note on December 31,2020, to obtain financing for a...
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Accounting
Crane Inc. issues a $year mortgage note on December to obtain financing for a new building. The terms provide for annual installment payments of $
Prepare the entry to record the mortgage loan on December and the first installment payment on December Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.
Date Account Titles and Explanation
Debit
Credit
Dec.
Dec.
Answer & Explanation
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