1) On January 1, 2018, Benbrook Company purchased equipment and signed a six-year mortgage note for $97,000 at 15%. The note will be paid in equal annual installments of $25,631, beginning January 1, 2019. Calculate the balance of Mortgage Payable after the payment of the first installment. (Round your answer to the nearest whole number.)

Group of answer choices

$85,919

$73,176

$14,550

$71,369

2) On March 1, 2018, Lewis Services issued a 6% long-term notes payable for $25,000. It is payable over a 5-year term in $5000 principal installments on March 1 of each year, beginning March 1, 2019. Which of the following entries needs to be made on March 1, 2018?

Group of answer choices

Cash	25,000
Long-Term Notes Payable		25,000

Current Portion of Long-Term Notes Payable	25,000
Long-Term Notes Payable		25,000

Long-Term Notes Payable	25,000
Accounts Payable		25,000

Long-Term Notes Payable	5000
Cash		5000