Using Excel to Calculate Loan Payments

PROBLEM

Jenseng Inc. issues a $10-$year mortgage loan on December $31,2022$ with the following information:

Mortgage loan amount $$800,000$

Annual interest rate $10\%$

Loan term in years $10$

Annual installment payment $$130,196$

Required: Provide input into cells shaded in yellow in this template. Use the PMT function with cell references in part a to the Problem area. Input cell references in parts b and c$.$ In part c$,$ use mathematical formulas with cell references to the Problem area to calculate both debit amounts, and a cell reference to the Cash amount you calculated in part a$.$

a$.$ Verify the annual mortgage payment amount using Excel's PMT function.

Verification of payment using PMT $$130,196$

b$.$ Record the journal entry for mortgage loan on December $31,2022.$

Date Debit Credit

$12/31/22$ Cash $800,000$

Mortgage Payable $800,000$

c$.$ Record the journal entry for the first installment payment on December $31,2023.$

Date Debit Credit

$12/31/23$ Interest Expense $80,000$

Mortgage Payable $50,196$

Cash $130,196$

Please solve with excel formulas