E10-15 Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to
finance the construction of a building at December 31, 2011. The terms provide for semiannual
installment payments of $20,000 on June 30 and December 31.
Instructions
Prepare the journal entries to record the mortgage loan and the first two installment payments.
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