Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from...

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Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,675. Payments are due on December 31. (a) Your Answer Correct Answer (Used) Your answer is correct. Prepare an installment payments schedule for the first 4 years. (Round answers to O decimal places, e.g. 15,250.) Annual Interest Period Cash Payment Issue Date (b) 1 2 19 Interest Expense Reduction of Principal Pr 41675 $ 10665 31010 41675 3 41675 4 eTextbook and Media List of Accounts Your Answer Correct Answer 9735 31940 32898 8777 41675 7790 33885 Attempts: 2 of 3 used Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, eg. 15,250. Record journal entries in the order presented in the problem.) Cullumber Electronics issues a $355,500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $41,675. Payments are due on December 31. (a) Your Answer Correct Answer (Used) Your answer is correct. Prepare an installment payments schedule for the first 4 years. (Round answers to O decimal places, e.g. 15,250.) Annual Interest Period Cash Payment Issue Date (b) 1 2 19 Interest Expense Reduction of Principal Pr 41675 $ 10665 31010 41675 3 41675 4 eTextbook and Media List of Accounts Your Answer Correct Answer 9735 31940 32898 8777 41675 7790 33885 Attempts: 2 of 3 used Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, eg. 15,250. Record journal entries in the order presented in the problem.)