Answer Part C only, Part A and B are answered

Sunland Company receives $354,000 when it issues a $354,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $59,000 on December 31.

(a1)

	Your answer is partially correct. Try again.

Prepare an amortization schedule of a mortgage note for two years.

Annual Interest Period		Cash Payment		Interest Expense		Reduction of Principal		Principal Balance
Issue date		$enter a dollar amount rounded to 0 decimal places 0		$enter a dollar amount rounded to 0 decimal places 0		$enter a dollar amount rounded to 0 decimal places 0		$enter a dollar amount rounded to 0 decimal places 354000
12/31/23		enter a dollar amount rounded to 0 decimal places 59000		enter a dollar amount rounded to 0 decimal places 35400		enter a dollar amount rounded to 0 decimal places 23600		enter a dollar amount rounded to 0 decimal places 330400
12/31/24		enter a dollar amount rounded to 0 decimal places 59000		enter a dollar amount rounded to 0 decimal places 33040		enter a dollar amount rounded to 0 decimal places 25960		enter a dollar amount rounded to 0 decimal places 304440

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(a2)

Prepare the journal entry to record the mortgage loan. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2022	enter an account title for the journal entry on December 31, 2022 cash	enter a debit amount 354000	enter a credit amount
	enter an account title for the journal entry on December 31, 2022 mortgage payable	enter a debit amount	enter a credit amount 354000

Part C

Prepare the journal entries to record the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
	First Installment Payment
Dec. 31, 2023	enter an account title for the journal entry on December 31, 2023	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31, 2023	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31, 2023	enter a debit amount	enter a credit amount
	Second Installment Payment
Dec. 31, 2024	enter an account title for the journal entry on December 31, 2019	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31, 2019	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31, 2019	enter a debit amount	enter a credit amount