Question: Cullumber Electronics issues a $355.500, 3%, 10-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a

Cullumber Electronics issues a $355.500, 3%, 10-year mortgage note on December

Cullumber Electronics issues a $355.500, 3%, 10-year mortgage note on December 31, 2021. 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 $41,675. Payments are due on December 31. (a) Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.) Annual Interest. Cash Payment Period Issue Date 1 $ 2 3 Interest Expense Reduction of Principal Principal Ba

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