Acc557 Financial Accounting: E10-15 Jernigan Co. receives $300,000 when it issues



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Acc557 Financial Accounting

E10-15. 
Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2015. The terms provide for semiannual installment payments of $25,000 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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