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Prepare the journal entries to record the mortgage loan and

Problem

Jernigan Co. receives $199,200 when it issues a $199,200, 15%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $16,600 on June 30 and December 31.

Prepare the journal entries to record the mortgage loan and the first two installment payments.

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Accounting Basics: Prepare the journal entries to record the mortgage loan and

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Accounting Basics: Prepare the journal entries to record the mortgage loan and

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