CALCULATOR MESSAGE HY INSTRUCTOR PRINTER VERSION Problem 15-04 2-c (Video) Cullumber Electronics Issues a $416,000, 5%, 15-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a new research laboratory terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $53,874. Payments are due on December 11. Prepare an installment payments schedule for the first 4 years. (Round answers to decimal places, .o. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date 1 2 3 Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically indented when amount is need. Do not indent manually. Round answers to d' decimal places, e.g. 15,250. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit ching BACK 15.00 15.22 Prepare the entries for the loan and 2) the first installment payment. (Credit account titles are automatically indente amount ist. Do not indeed mamully Rood answers to decimal places, 15, 250, fecand journal entries in the order presented in the problem Date Account Titles and Explanation Det Crest SORU hy Study Show how the total mortgage liability should be reported on the balance sheet at December 31, 2020. (Enter account name only and do not provide descritive information. Round answers to o decimal places, 6.0.15.250.) Cullumber Electronics Balance Sheet (Partial) 3