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Question 3 of 5 -1 Wildhorse Co. receives 292,800 when it issues a...

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Accounting

Question 3 of 5
-1
Wildhorse Co. receives 292,800 when it issues a 292,800,6%, mortgage note payable to finance the construction of a building at December 31,2020. The terms provide for annual installment payments of 40,576 on December 31.
Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to 0 decimal places, e.g.15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Cash
Mortgage Payable
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