Question: Talkington Electronics issues a $416,000, 6%, 10-year mortgage note on December 31, 2016, The proceeds from the note are to be used in financing a

financing a new research laboratory. The terms of the note provide for

Talkington Electronics issues a $416,000, 6%, 10-year mortgage note on December 31, 2016, 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 $56,521. 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 Cash Payment Interest Expense Reduction of Principal Principal Balance Period Issue Date

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