Kamin Corp. completed the following transactions in 2018:Jan 1 Purchased a building costing $150,000 and signed a 12%, 15-year mortgage note payable for the same amount.Jun 30 Made the first semiannual payment on the mortgage note payable.Dec 1 Signed a five-year lease to rent a warehouse for $10,000 per month due at the end of each month. The lease is considered an operating lease.31 Paid for one month?s rent on the warehouse.31 Leased 10 copiers and signed a four-year lease with the option to buy the copiers at the end of the fourth year at a bargain price. Under terms of the lease, monthly lease payments do not start until January 31, 2020. The present value of the lease payments is $31,000.31 Made the second semiannual payment on the mortgage note payable.

Requirements

1. Complete the following amortization schedule for the first four payments on the $150,000 mortgage note, assuming semiannual payments of $10,897. Round amounts to the nearest dollar.

2. Record the journal entries for the 2018 transactions.

3. Prepare the long-term liabilities section of the balance sheet on December 31, 2018.

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Payment Interest Principal Loan Balance Date Jan 1, 2018 Jun 30, 2018 Dec 31, 2018 Jun 30, 2019 Dec 31, 2019 $150,000 $10,897