Perez Co Receives $2,200,000 When It Issues a $2,200,000, 8%, Mortgage

question 181

Essay

Perez Co. receives $2,200,000 when it issues a $2,200,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $140,820 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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Definitions:

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An American philosopher known for his contributions to ethical theory, particularly in the areas of war, killing, and bioethics.

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Showing prejudice, bias, or unfair treatment towards individuals or groups based on characteristics such as race, gender, age, or sexuality.

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