Question: Please do the second part (prepare the journal entry to record the mortgage loan) lvar hoe Company receives $ 385,000 when it issues a $

Please do the second part (prepare the journal entry to record the mortgage loan)

lvar hoe Company receives $ 385,000 when it issues a $ 385.000, 8% mortgage note payable to f nance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $ 44,979 on December 31. Prepare an amortization schedule of a mortgage note for two years. (Round answers to O decimal places, e.g.5,275.) Cash Payment Interest Reduction of Principal Balance 385000 370821 355508 44979 30800 4179 44979 29666 5313 List of Accounts Prepare the journal entry to record the mortgage loan (Round answers to O decimal places, eg.5,275. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017

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