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Blossom Electronics issues a $ 404.500, 3%, 10-year mortgage note on December 31, 2021. 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 $ 47,420. Payments are due on December 31. (a) Your Answer Correct Answer Your answer is correct. 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 B Issue Date 1 $ 47420 $ 12135 $ 35285 2 47420 11076 36344 3 47420 9986 37434 4 47420 8863 38557 e Textbook and Media List of Accounts Attempts: 1 of 3 used (b) Your Answer Correct Answer Your answer is correct. Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places, e.g. 15,250. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit c 31, 2021 V Cash 404500 Mortgage Payable 40 31 2022 Interest Expense 12135 Mortgage Payable 35285 Cash e Textbook and Media List of Accounts Attempts: 1 of 3 used (c) Your Answer Correct Answer Your answer is partially correct Show how the total mortgage liability should be reported on the balance sheet at December 31, 2022. (Enter account name only and do not provide descriptive information. Round answers to decimal places, eg. 15,250.) Blossom Electronics Balance Sheet (Partial) December 31, 2022 Long-term Liabilities Mortgage Payable $ 36344 Stockholders' Equity V Notes Payable 369215

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