Lucky Company borrowed $1,000,000 on December 31, 2017, by issuing $1,000,000, 8% mortgage note payable. The terms call for annual installment payments of $150,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Debit Credit
Lucky Company borrowed $1,000,000 on December 31, 2017, by issuing $1,000,000, 8% mortgage note payable. The terms call for annual installment payments of $150,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Debit Credit
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 14P: Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following...
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![Lucky Company borrowed $1,000,000 on December 31, 2017, by issuing $1,000,000, 8% mortgage note payable. The terms call for
annual installment payments of $150,000 on December 31.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff0787666-67f0-4f18-814d-c57097bb634c%2Fd195e1bc-09b8-4f27-af9f-786ecdf2d3dd%2Fbmmyrhj_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Lucky Company borrowed $1,000,000 on December 31, 2017, by issuing $1,000,000, 8% mortgage note payable. The terms call for
annual installment payments of $150,000 on December 31.
![Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O decimal places,
e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter O for the amounts.)
Date
Account Titles and Explanation
Dec. 31,
2017
Dec. 31,
2018
Dec. 31,
2019
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff0787666-67f0-4f18-814d-c57097bb634c%2Fd195e1bc-09b8-4f27-af9f-786ecdf2d3dd%2Fpm6b17w_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O decimal places,
e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select
"No Entry" for the account titles and enter O for the amounts.)
Date
Account Titles and Explanation
Dec. 31,
2017
Dec. 31,
2018
Dec. 31,
2019
Debit
Credit
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