Ivanhoe Electronics issues a $376,500, 5%, 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 $48,758. Payments are due on December 31. (a) Your Answer Correct Answer Your answer is correct. Prepare an installment payments schedule for the first 4 years. (Round answers to O decimal places, e.g. 15,250.) Annual Interest Cash Payment Interest Expense Reduction of Principal Principal B Period Issue Date 1 $ 48758 18825 29933 2 48758 17328 31430 3 48758 15757 33001 4 48758 14107 34651 e Textbook and Media Assistance Used List of Accounts Attempts: 3 of 3 used (b) Your answer is partially correct. Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 15,250. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 31, 2021 ec. 31, 2022