Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance

Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance

 

Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2011. The terms provide
for semiannual installment payments of $20,000 on June 30 and December 31.

Prepare the journal entries to record the mortgage loan and the first two installment payments. (For multiple debit/credit entries, list amounts from largest to
smallest e.g. 10, 5, 3, 2.)

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