$**$ONLY NEED PART B$***$

Kingbird Inc issues a $$700,000,10\%,10-$year mortease note on December $31,2027,$ to obtain financing for a new building. The terms

provide for annual installment payments of $$113,921.$

$($a$)$

Your answer is correct.

Prepare a tabular summary to record the mortpage loan on December $31,2027,$ and the first installment payment on December

$31,2028.$

$($b$)$

Indicate the amounts that Kingbird reports as current and lone$-$term liabilities for this mortease on December $31,2027.$