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

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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.)
Date
Dec. 31, 2023
Dec. 31, 2024
Account Titles and Explanation
Debit
LOGICA
Credit
Transcribed Image Text: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.) Date Dec. 31, 2023 Dec. 31, 2024 Account Titles and Explanation Debit LOGICA Credit
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