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Kenko Company issued a $3,500,000, 10%, 10-year mortgage note payable to finance the construction of...

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Question

Accounting

Kenko Company issued a $3,500,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $569,609.

Instructions

Prepare the entry to record:

(a) the mortgage loan on December 31, 2017.

(b) the first installment payment.

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