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Calculate the value of the mortgage

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Reference no: EM132471856

On January 1, 2020, Blue Spruce Corporation acquired the following properties:

Point : Vacant land in Rome, Italy for $4 million. To finance this transaction, Blue Spruce Corporation obtained a 8% mortgage for the full purchase price, secured by the land, with a maturity date of January 1, 2030. Interest is payable annually. If Blue Spruce Corporation borrowed this money from the bank, the company would need to pay 10% interest.

Question 1: Calculate the value of the mortgage. Using the calculation from the tables, record Blue Spruce Corporation's journal entries on January 1, 2020, for each of the purchases

Reference no: EM132471856

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