Larkspur, Inc. receives $260,400 when it issues a $260,400, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $43,400 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Dec. 31, 2023 Dec. 31, 2024 Debit Credit
Larkspur, Inc. receives $260,400 when it issues a $260,400, 10% mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $43,400 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Dec. 31, 2023 Dec. 31, 2024 Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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