Brief Exercise 10-19 Marin Inc. issues a $630,000, 10%, 10-year mortgage note on

Question

Brief Exercise 10-19 Marin Inc. issues a $630,000, 10%, 10-year mortgage note on December The terms provide for annual installment payments of $102,530. Prepare the entry to record the mortgage loan on December 31, 2017, and the first installment payment on December 31, 2018. (Credit account titles are automatically indented when 1, 2017, to obtain financing for a new building. amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Dec. 31, 2018

Explanation / Answer

Dec-31-17 Cash 630000      Notes payable 630000 Dec-31-18 Interest expense 63000 Notes payable 39530          Cash 102530

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