Oriole Company borrowed $860,000 on December 31, 2019, by issuing an $860,000, 8% mortgage note payable. The terms call for annual installment payments of $128,165 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to 0 decimal places, eg. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Cre
Oriole Company borrowed $860,000 on December 31, 2019, by issuing an $860,000, 8% mortgage note payable. The terms call for annual installment payments of $128,165 on December 31. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to 0 decimal places, eg. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Cre
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
D1.
Transcribed Image Text:Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31,
2021. (Round answers to O decimal places, e.g. 15,250.)
Current liability
Long-term liability
$
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Transcribed Image Text:Oriole Company borrowed $860,000 on December 31, 2019, by issuing an $860,000, 8% mortgage note payable. The terms call for
annual installment payments of $128,165 on December 31.
(a)
Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to 0 decimal places,
eg. 15,250 Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the
order presented in the problem. List all debit entries before credit entries.)
Date
>
Account Titles and Explanation
Debit
Cre
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