Douglas Company issued a $4,500,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2021. The terms provide for annual installment payments of $732,354. Prepare the entry to record: (a) the mortgage loan on December 31, 2021. (b) the first installment payment.
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Douglas Company issued a $4,500,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2021. The terms provide for annual installment payments of $732,354.
Prepare the entry to record:
| (a) | the mortgage loan on December 31, 2021. |
| (b) | the first installment payment. |
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