Ivanhoe Electronics issues a $376,500, 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 $48,758. Payments are due on December 31.

View Policies Show Attempt History Current Attempt in Progress Ivanhoe Electronics issues a $376,500,5%, 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 $48,758. Payments are due on December 31. (a) ) Your answer is correct. Prepare an installment payments schedule for the first 4 years. (Round answers to decimal places, eg. 15,250.) Cash Payment Interest Expense Reduction of Principal Principal Balance 376,50 $ 48.758 $ 18,825 $ 29,933 346,56 48,758 17,328 31,430 315,13 48,758 15,757 33.001 282,13 48,758 14.107 34,651 247,48 e Textbook and Media List of Accounts Attempts: 1 of 3 used : (b) b) 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 decimal places, eg. 15,250. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit e Textbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit