Question: 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

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. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $53,874. Payments are due on December 31.

Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.)

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