1- Riley Company issued a $1,500,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2016. The terms provide for semiannual installment payments of $120,365. When the note was issued the following general journal entry was made: Cash………………………………………………………………………… 1,500,000 Mortgage Note Payable………………………………………………… 1,500,000 When the first installment payment of $120,365 was made, by how much was Mortage Note …
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