Acc557 Financial Accounting Wiley: E10-15 Tucki Co. receives $240,000 when it issues a $240,000

Acc557 Financial Accounting Wiley

Exercise 10-15
Tucki Co. receives $240,000 when it issues a $240,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $17,660 on June 30 and December 31.

Instruction:
Prepare the journal entries to record the mortgage loan and the first two installment 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.)
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