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Metlock Co. receives $380,000 when it issues a $380,000,15%, mortgage note payable to finance the...

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Accounting

Metlock Co. receives $380,000 when it issues a $380,000,15%, mortgage note payable to finance the construction of a building at December 31,2020. The terms provide for annual installment payments of $69,000 on December 31. Calculate and explain how the remaining balance of the mortgage note payable is reported in the 12/31/2022 balance sheet.
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