Problem 15-04A a-c (Video) Sheridan Electronics issues a $376,500, 3%, 15-year mortgage note on December 31, 2019. The proceeds from the note annual installment payments, exclusive of real estate taxes and insurance, of $44,137. Payments are due on December 31 Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, e.g. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date 376500 $ 1 $ 44137 $ 11295 32842 343658 2 44137 10310 33827 309831 3 44137 9295 34842 274989 4 44137 8250 35887 239102 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the enti -9. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for ments are due on December 31. ecimal places, e.g. 15,250.) Principal Balance 376500 $ 2 343658 e7 309831 42 274989 239102 87 Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automa decimal places, e.g. 15,250. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit Date SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Show how the total mortgage liability should be reported on the balance sheet at December 31, 2020. (Enter places, e.g. 15,250.) Sheridan Electronics Balance Sheet (Partial) S SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT