Question: Otto Electronics issues an $800 000, 8%, 10-year mortgage payable on 31 December 2016 to help finance a plant expansion program. The terms provide for

Otto Electronics issues an $800 000, 8%, 10-year mortgage payable on

Otto Electronics issues an $800 000, 8%, 10-year mortgage payable on 31 December 2016 to help finance a plant expansion program. The terms provide for semi-annual instalment payments of $58865. Payments are due 30 June and 31 December. Otto Electronics' financial year ends on 31 December After the first payment, the principal balance is: After the second payment, the current portion of mortgage payable is

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