Accounting Question P10-5a?

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Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2010. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433. Payments are due June 30 and December 31.
Prepare installment payments schedule and journal entries for a mortgage note payable.
(SO 7, 8)
Prepare an installment payments schedule for the first 2 years.
Prepare the entries for (1) the loan and (2) the first two installment payments.
June 30 Mortgage Notes Payable $13,433
Show how the total mortgage liability should be reported on the balance sheet at December 31, 2011.
Current liability—2011: $29,639

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