Werstirener Brewing Ltd issued a $600,000, 5 year, 6 percent mortgage note payable on December 31, 2017, to help finance a new distribution centre The terms of the mortgage provide for semi annual blended payments of $70,338 due June 30 and December 31 of each year Required 1 Prepare a mortgage ins...

Req 1 SEMIANNUAL INTEREST PERIOD A CASH PAYMENT B INTEREST EXPENSE 3 C REDUCTION OF PRINCIPAL E PRIN ...

Werstirener Brewing Ltd. issued a $600,000, 5-year, 6 percent mortgage note payable on December 31, 2017, to

Question:

Werstirener Brewing Ltd. issued a $600,000, 5-year, 6 percent mortgage note payable on December 31, 2017, to help finance a new centre. The terms of the mortgage provide for semi-annual blended payments of $70,338 due June 30 and December 31 of each year.
Required
1. Prepare a mortgage installment payment schedule for the first two years of this mortgage. Round all amounts to the nearest whole dollar.
2. Record the issuance of the mortgage note payable on December 31, 2017.
3. Report interest payable and the mortgage note payable on the December 31, 2017, balance sheet.
4. Journalize the first two installment payments on June 30, 2018, and December 31, 2018.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...