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Mar.1 Borrowed $120,000 from Lessburg Bank. The six-year, 10% note requires payments due annually, on March 1. Each payment consists of $20,000 principal plus one year's interest. Dec 1 Mortgaged the warehouse for $150,000 cash with Sage Bank. The mortgage requires monthly payments of $5,000. The interest rate on the note is 3% and accrues monthly. The first payment is due on January 1, 2017. 31 Recorded interest accrued on the Sage Bank note. 31 Recorded interest accrued on the Lessburg Bank note. 2017 Jan 1 Paid Sage Bank monthly mortgage payment. Feb.1 Paid Sage Bank monthly mortgage payment. Mar 1 Paid Sage Bank monthly mortgage payment. 1 Paid first installment on note due to Lessburg Bank. Requirement 2. Prepare the liabilities section of the balance sheet for Discount Pharmacies on March1, 2017 after all the journal entries are recorded. First, prepare an amortization schedule for the Sage Bank mortgage to March 1, 2018. Prepare the schedule for the first three payments, then the remaining months one at a time. (Round your answers to the nearest whole dollar.) Review the related journal entries you prepared in Requirement 1 Beginning Principal Interest Total Ending Balance Payment Expense Payment Balance 12/01/2016 1/01/2017 2/01/2017 3/01/2017 4/01/2017 5/01/2017 6/01/2017 07/01/2017 08/01/2017 9/01/2017 10/01/2017 11/01/2017 12/01/2017 1/01/2018 2/01/2018 3/01/2018 Now prepare the liabilities section of the balance sheet for Discount Pharmacies on March 1, 2017. (If a box is not used in the table leave the box empty; do not enter a zero.) Review the amortization schedule you prepared above. Discount Pharmacies Balance Sheet (Partial) March 1, 2017 Liabilities
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