Cullumber Company receives $ 385,000 when it issues a $ 385,000, 8%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $ 44,979 on December 31.

Prepare an amortization schedule of a mortgage note for two years. (Round answers to 0 decimal places, e.g. 5,275.)

Annual Interest Period		Cash Payment		Interest Expense		Reduction of Principal		Principal Balance
Issue date		$ enter a dollar amount rounded to 0 decimal places		$ enter a dollar amount rounded to 0 decimal places		$ enter a dollar amount rounded to 0 decimal places		$ enter a dollar amount rounded to 0 decimal places
12/31/18		enter a dollar amount rounded to 0 decimal places		enter a dollar amount rounded to 0 decimal places		enter a dollar amount rounded to 0 decimal places		enter a dollar amount rounded to 0 decimal places
12/31/19		enter a dollar amount rounded to 0 decimal places		enter a dollar amount rounded to 0 decimal places		enter a dollar amount rounded to 0 decimal places		enter a dollar amount rounded to 0 decimal places

List of Accounts

Prepare the journal entry to record the mortgage loan. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2017	enter an account title for the journal entry on December 31, 2017	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31, 2017	enter a debit amount	enter a credit amount

Prepare the journal entries to record the first two installment payments. (Round answers to 0 decimal places, e.g. 5,275. 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, 2018	enter an account title for the journal entry on December 31, 2018	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31, 2018	enter a debit amount	enter a credit amount
	enter an account title for the journal entry on December 31, 2018	enter a debit amount	enter a credit amount
	Second Installment Payment
Dec. 31, 2019	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