On December 31, 2019, Beam, Inc., borrowed $1,000,000 on an 5%, ten-year mortgage note payable....
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On December 31, 2019, Beam, Inc., borrowed $1,000,000 on an 5%, ten-year mortgage note payable. The note is to be repaid in equal quarterly installments of $31,921 (beginning March 31, 2020). Determine the financial statement effect of: (a) the issuance of the mortgage note payable, (b) the payment of the first installment on March 31. (c) the payment of the second installment on June 30 . Round the interest amounts to the nearest dollar
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