Whitmore Corporation Issues a £3,000,000, 10%, 10-year mortgage on December 31, 2014. The terms call for semi-annual installment payments of £240,725.The entry to record the first installment payable will include
A) a debit to Interest Payable of £240,725.
B) a debit to Mortgage Payable of £90,725.
C) a debit to Interest Expense of £300,000.
D) a credit to Cash of £240,725.

Question

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The Answer of Whitmore Corporation Issues a £3,000,000, 10%, 10-year mortgage on December 31, 2014. The terms call for semi-annual installment payments of £240,725.The entry to record the first installment payable will include
A) a debit to Interest Payable of £240,725.
B) a debit to Mortgage Payable of £90,725.
C) a debit to Interest Expense of £300,000.
D) a credit to Cash of £240,725.

Whitmore Corporation Issues a £3,000,000, 10%, 10-Year Mortgage on December