Riley Company issued a $4,000,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $320,973.
Instructions
Prepare the entry to record:
(a) the mortgage loan on December 31, 2014.
(b) the first installment payment.

Question

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The Answer of Riley Company issued a $4,000,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $320,973.
Instructions
Prepare the entry to record:
(a) the mortgage loan on December 31, 2014.
(b) the first installment payment.

Riley Company Issued a $4,000,000, 10%, 10-Year Mortgage Note Payable