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r mortgage note on Decem- P154A Talkington Electronics issues a $400,000, 8%, 15-yea schedule and journal entriesber 31, 2016. The proceeds from the note are to be used in financing a new research for a mortgage note rato Prepare instal ent payments (LO 3,4) b) December 31 debit ble. ratory. The terms of the note provide for annual installment payments, exclusive of re estate taxes and insurance, of $59,612. Payments are due on December 31. Instructions (a) Prepare an installment payments schedule for the first 4 years. Mortgage Payable $27,612 (b) Prepare the entries for (1) the loan and (2) the first installment payment.
Problems: Set A 681 (c) Show how the total mortgage liability should be reported on the balance sheet at () Current liability-2017 December 31, 2017. $29,821
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