Question: Pharoah Electronics issues a $393,500, 5%, 15-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a

Pharoah Electronics issues a $393,500, 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 $50,960. Payments are due on December 31. (c) Show how the total mortgage liability should be reported on the

(c) Show how the total mortgage liability should be reported on the balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to 0 decimal places, e.g. 15,250.) Pharoah Electronics Balance Sheet (Partial) 24 $4

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