(Answered) Question - yancey co receives 300000 when it issues a

Accounting

Question - Yancey Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $50,000 on December 31.

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

Determine balance sheet presentation of installment note payable.

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