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I would greatly appreciate assistance with this problem!
Skysong, Inc. issues a $386,000, 896, 10-year mortgage note on December 31, 2018. 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 $57,525. Payments are due on December 31. Prepare an installment payments schedule for the first 4 years. (Round answers to O decimal places, e.g. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date 3 SHOW LIST OF ACCOUNTS 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Dec. 31, 2019
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