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dus.com/courses/28611/assignments/2750979 Current Attempt In Progress Pharoah Company receives $385,000 when it issues a $385,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $39,641 on December 31. Your answer is partially correct. Prepare an amortization schedule of a mortgage note for two years. (Round answers to decimal places, e-8.5,275.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue $ 385000 date 12/31/18 39641 23100 16541 39641 12/31/19 385000 22108 22100 17533 39641 List of Accounts Textbook and Media courses/28611/assignments/2750979 Your answer is partially correct. decimal places, e.g. 5,275. Credit account titles are Prepare the journal entry to record the mortgage loan. (Round answers to automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017 Cash 385000 mort 385000 List of Accounts s.com/courses/28611/assignments/2750979 - Your answer is partially correct. Prepare the journal entries to record the first two installment payments. (Round answers to decimal places, eg. 5,275. Credit account titles are automatically Indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit First Installment Payment Dec. 31, 2018 Interest Expense 23100 Notes Payable 16541 Cash 39641 Second Installment Payment Dec. 31, 2019 Interest Expense 22108 Notes Payable 17533 Cash 39641

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