Question: Cullumber Electronics issues a $690,000, 10-year, 11% mortgage note payable on December 31, 2021, to help finance a plant expansion. The terms of the note

Cullumber Electronics issues a $690,000, 10-year, 11% mortgage note payable on December 31, 2021, to help finance a plant expansion. The terms of the note provide for semi-annual blended payments of $57,739. Payments are due on June 30 and December 31.

Prepare an instalment payment schedule for the first two years. (Round answers to 0 decimal places, e.g. 5,276.) Semi-annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Dec. 31, 2021 57739 $ June 30, 2022 57739 Dec. 31, 2022 57739 June 30, 2023 57739 Dec. 31, 2023 57739

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