Prepare installment payments schedule and journal entries for a mortgage note payable (LO 4. 5) Talkington...

  

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Prepare installment payments schedule and journal entries for a mortgage note payable (LO 4. 5) Talkington Electronics issues a S400,000, 8%, 10-year mortgage note on December 31, 2018. 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 $59,612. Payments are due on December 31. Instructions (2) Prepare an installment payments schedule for the first 4 years. (b) Prepare the entries for (1) the loan and (2) the first installment payment. December 31 debit Mortgage Payable $27,612 (c) Show how the total mortgage liability should be reported on the balance sheet at December 31, 2019. Current liability-2019 S29,821 Prepare installment payments schedule and journal entries for a mortgage note payable (LO 4. 5) Talkington Electronics issues a S400,000, 8%, 10-year mortgage note on December 31, 2018. 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 $59,612. Payments are due on December 31. Instructions (2) Prepare an installment payments schedule for the first 4 years. (b) Prepare the entries for (1) the loan and (2) the first installment payment. December 31 debit Mortgage Payable $27,612 (c) Show how the total mortgage liability should be reported on the balance sheet at December 31, 2019. Current liability-2019 S29,821

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