Lucky Company borrowed $1,000,000 on December 31, 2017, by issuing $1,000,000, 8% mortgage note payable. The terms call for annual installment payments of $150,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Debit Credit

Lucky Company borrowed $1,000,000 on December 31, 2017, by issuing $1,000,000, 8% mortgage note payable. The terms call for annual installment payments of $150,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Round answers to O decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Dec. 31, 2017 Dec. 31, 2018 Dec. 31, 2019 Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 14P: Analyzing Accounts Receivable Upham Companys June 30, 2019, balance sheet included the following...

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