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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 $1,270,000,8%,10-year mortgage note on December 31,2020, to obtain financing for a new building. The terms provide for annual installment payments of $189,267.
Prepare the entry to record the mortgage loan on December 31,2020, and the first installment payment on December 31,2021.(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. 31,2020
Dec. 31,2021
image

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