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Hamilton's Electronics issues a $380,000, 8%, 10-year mortgage note on 1 January 2018, to help finance a plant expansion program. The terms provide for semiannual installment payments, not including real estate taxes and insurance, of $27,961. Payments are due July 01 and January 01.
Instructions:
Problem (a) Prepare a installment payments schedule for the first 5 years.
Problem (b) Prepare the entries for (1) the mortgage loan and (2) the first two installment payments.
Problem (c) Show how the total mortgage liability should be reported on the balance sheet at December 31, 2018.
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