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Crane Resort Corp. issued a $20-$year, $8\%,$ $$265,000$ mortgage note payable to finance the construction of a new building on December

$31,2024.$ The terms provide for semi$-$annual instalment payments on June $30$ and December $31.$

$($a$)$

Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a

fixed principal payment of $$6,625.($Round answers to $0$ decimal places, e$.$g$.5,276.$ List all debit entries before credit entries. Credit

account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for

the account titles and enter $0$ for the amounts. Record journal entries in the order presented in the problem.$)$

Date

Account Titles

Debit

Credi

Issue of Note

First Instalment Payment

First Instalment Payment

Second Instalment Payment