Homework Answers
Journal entries:
| Date | Account title | Debit | Credit |
|---|---|---|---|
| December 31, 2020 |
Cash Mortgage payable |
$700000 . |
. $700000 |
| December 31, 2021 |
Interest expenses ($700000 x 20%) Mortgage payable Cash |
$140000 $10000 . |
. . $150000 |
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