Jernigan co. receives $300,000 when it issues a $300,000, 10%,

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.

 

Instructions

 

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

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