Roxy Inc. issues a $1,500,000, 10%, 10-year mortgage note on December 31, 2018, to obtain financing for a new building. The terms provide for annual installment payments of $244,118.
Instructions
Prepare the entry to record the mortgage loan on December 31, 2018, and the first installment payment on December 31, 2019.

Question

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The Answer of Roxy Inc. issues a $1,500,000, 10%, 10-year mortgage note on December 31, 2018, to obtain financing for a new building. The terms provide for annual installment payments of $244,118.
Instructions
Prepare the entry to record the mortgage loan on December 31, 2018, and the first installment payment on December 31, 2019.

Roxy Inc Issues a $1,500,000, 10%, 10-Year Mortgage Note on December