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Pharoah Electronics issues a $361,500,6%,10-year mortgage note on December 31, 2021 The proceeds from the...

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Pharoah Electronics issues a $361,500,6%,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, evclusive of real estate taves and insurance, of $49,116. Payments are due on December 31 Prepare an installment payments schedule for the first 4 years. (Round answers to 0 decimal places, eg. 15,250.) eTextbook and Media Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are outomatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, eg. 15,250. Record joumal entries in the order presented in the problem.) Show how the total mortgage liability should be reported on the balance sheet at December 31, 2022 (Enter occount name only and do not provide descriptive information. Round answers to 0 decimal places, eg. 15,250.)

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