Question: Please complete the remaining part of the answer Skysong Construction Inc. needed financing to buy two Case graders. Skysong receives $ 210,000 on January 1,

Please complete the remaining part of the answer

Please complete the remaining part of the answer Skysong Construction Inc. neededfinancing to buy two Case graders. Skysong receives $ 210,000 on January1, 2022, when it issues a 5-year, 5% mortgage note payable. Theterms provide for semi-annual instalment payments on June 1 and January 1,with fixed principal amounts. Calculate the fixed principal amount required each six-monthperiod. Fixed principal portion $ 21,000.00 eTextbook and Media List of Accounts

Skysong Construction Inc. needed financing to buy two Case graders. Skysong receives $ 210,000 on January 1, 2022, 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 $ 21,000.00 eTextbook and Media List of Accounts Prepare an instalment payment schedule for the first three interest periods. SKYSONG CONSTRUCTION INC. Instalment Payment Schedule - Fixed Principal Payments Interest Period Cash Payment Interest Expense Reduction of Principal Principale Jan. 1, 2022 $ $ $ ta TA $ July 1, 2022 26,250.00 5,250.00 21,000.00 Jan. 1, 2023 25,725.00 4,725.00 21,000.00 July 1, 2023 25,200.00 4,200.00 21,000.00 Prepare an instalment payment schedule for the first three interest periods. SKYSONG CONSTRUCTION INC. Instalment Payment Schedule - Fixed Principal Payments Cash Payment Interest Expense Reduction of Principal Principal Balance $ ta $ ta $ 210,000.00 26,250.00 5,250.00 21,000.00 189,000.00 25,725.00 4,725.00 21,000.00 168,000.00 25,200.00 4,200.00 21,000.00 147,000.00 Prepare the journal entries to record the mortgage note payable and the first three instalment payments. Prepare any necessary adjusting entries at Skysong's December 31, 2022 year end. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1, 2022 July 1, 2022 Dec. 31, 2022 Jan. 1, 2023 July 1, 2023 Provide the balance sheet disclosure for the mortgage note payable at December 31, 2022, being specific about the classifications. SKYSONG CONSTRUCTION INC. Balance Sheet (Partial) December 31, 2022 ta + $ ta

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