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Power-house issues an $800,000, 9%, 8-year mortgage note on December 31, 2012, to help finance...

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Accounting

Power-house issues an $800,000, 9%, 8-year mortgage note on December 31, 2012, to help finance a new development program. The terms provide for semiannual installment payments, not including real estate taxes and insurance, of $44,149. Payments are due June 30 and December 31. Instructions

(a) Prepare an installment payments schedule for the first 2 years.

(b) Show how the total mortgage liability should be reported on the balance sheet at December 31, 2013.

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