Homework Answers
| Debit | Credit | |||
| Dec. 31, 2019 | Cash | 735000 | ||
| Mortgage Payable/Notes payable | 735000 | |||
| Dec. 31, 2020 | Interest expense | 58800 | =735000*8% | |
| Mortgage Payable/Notes payable | 50737 | |||
| Cash | 109537 |
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