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Detwiler Orchard issues a $640,877, 8%, 15-year mortgage note to obtain needed financing for a...

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Accounting

Detwiler Orchard issues a $640,877, 8%, 15-year mortgage note to obtain needed financing for a new lab. The terms call for semiannual payments of $37,062 each. Prepare the entries to record the mortgage loan and the first installment payment.

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