McEntire Inc. issues a $400,000, 10%, 10-year mortgage note on December 31, 2014, to obtain… 1 answer below »

 
   

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McEntire Inc. issues a $400,000, 10%, 10-year mortgage note on December 31, 2014, to obtain financing for a new building. The terms provide for semiannual installment payments of $32,097. Prepare the entry to record the mortgage loan on December 31, 2014, and the first installment payment.View Solution:
McEntire Inc issues a 400 000 10 10 year mortgage note on