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Jernigan Co. receives $188,400 when it issues a $188,400, 12%, mortgage note payable to finance...

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Accounting

Jernigan Co. receives $188,400 when it issues a $188,400, 12%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $15,700 on June 30 and December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments.

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