Question: Sandhill Electronics issues a $640,000, 10-year, 10% mortgage note payable on December 31, 2017, to help finance a plant expansion. The terms of the note

Sandhill Electronics issues a $640,000, 10-year, 10% mortgage note payable on December 31, 2017, to help finance a plant expansion. The terms of the note provide for semi-annual blended payments of $51,355. Payments are due on June 30 and December 31.

1. Prepare an instalment payment schedule for the first two years.

Semi-annual Interest Period	Cash Payment	Interest Expense	Reduction of Principal	Principal Balance
Dec 31 2017
Jun 30 2018
Dec 31 2018
Jun 30 2019
Dec 31 2019

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