IV. Mert Company borrowed $1,500,000 on December 31, 2016, by issuing $1,500,000, 8% mortgage note...
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IV. Mert Company borrowed $1,500,000 on December 31, 2016, by issuing $1,500,000, 8% mortgage note payable. The terms call for semiannual installment payments of $210,000 on December 31. Instructions (@8 x 4.32 ) (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (b) Indicate the amount of mortgage note payable to be reported as a current liability and as a non-current liability at December 31, 2018. (a) (b)
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