Exercise 15-09 Pharoah Co. receives $328,800 when it issues a $328,800, 10%, mortgage note payable...
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Accounting
Exercise 15-09
Pharoah Co. receives $328,800 when it issues a $328,800, 10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments of $54,800 on December 31. Prepare the journal entries to record the mortgage loan and the first two 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.)
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Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022
Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022
Dec. 31, 2020Dec. 31, 2021Dec. 31, 2022
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