Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ? Wildhorse Co. receives $306,000 when it issues a $306,000, 10%, mortgage note payable to finance the construction of a building atDecember 31, 2025. The terms provide for annual installment payments of $51,000 on December 31.Prepare the journal entries to record the mortgage loan and the first two installment payments. (List all debit entries before creditentries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry isrequired, select "No Entry" for the account titles and enter 0 for the amounts.)Account Titles and ExplanationDateDec 31, 2025 +Dec. 31, 2026Dec. 31, 2027 +CashMortgage PayableInterest ExpenseMortgage PayableCashInterest ExpenseMortgage PayableLeukDebit30600036000240003360026400Credit30600060000 Datec 31, 202531,2026 +31.2027 +Account Titles and ExplanationCashMortgage PayableInterest ExpenseMortgage PayableCashInterest ExpenseMortgage PayableCashDebit30600036000240003360026400Credit3060006000060000

Mortgage notes payable is kind of legal promissory note which binds one to pay the mortgage with the…

dhorse Co. receives $306,000 when it issues a $306,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2025. The terms provide for annual installment payments of $51,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is equired, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 31. 2025 Dec. 31.2026 + Dec. 31.2027 4 Account Titles and Explanation Cash Mortgage Payable Interest Expense Mortgage Payable Cash Interest Expense Mortgage Payable Debit 306000 36000 24000 33600 26400 Credit 306000 60000

dhorse Co. receives $306,000 when it issues a $306,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2025. The terms provide for annual installment payments of $51,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is equired, select "No Entry" for the account titles and enter O for the amounts.) Date Dec. 31. 2025 Dec. 31.2026 + Dec. 31.2027 4 Account Titles and Explanation Cash Mortgage Payable Interest Expense Mortgage Payable Cash Interest Expense Mortgage Payable Debit 306000 36000 24000 33600 26400 Credit 306000 60000

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter14: Long-term Liabilities: Bonds And Notes

Section: Chapter Questions

Problem 11E

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