Chapter 15 Homework Day 2 1) Dutch Hollow Electronics Issues a $400,000, 8%, 10-year mortgage note on December 31, 2019. 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 of $58,800. Payments are due on December 31. Instructions a) Prepare an installment payments schedule for the first 4 years. b) Prepare the journal entries for (1) the loan and (2) the first two installment payments. c) As of December 31, 2021, what is the balance in the Mortgage Notes Payable account? What is the current portion of the liability? What is the long-term portion? Semiannual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance 12.31.19 12.31.20 12.31.21 12.31.22 12.31.23