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Question 4 Metlock Construction Inc. needed financing to buy two Case graders. Metfock receives $232,000 on January 1, 2018, when it issues a 5-year, 5% mortgage note payable. The terms provide for semi- annual instalment payments on June 1 and January 1, with fixed principal amounts. Calculate the fixed principal amount required each six-month period. Fixed principal portion Prepare an instalment payment schedule for the first three interest periods. (Round answer to o decimal places, eg. 5,276.) METLOCK CONSTRUCTION INC. Instalment Payment Schedule - Fixed Principal Payments Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Jan 1, 2018 July 1, 2018 Jan 1, 2019 July 1, 2019 Prepare the journal entries to record the mortgage note payable and the first three instalment payments. Prepare any necessary adjusting journal entries at Metlock's fiscal year end of December 31 for the 2018 year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, selectEntry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan 1, 2018 July 1, 2018 PRINTER VERSION