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Bay front 240000

Price: $1.99


Bay Front Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable
to finance the construction of a building at December 31, 2012. 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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