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. Complete the installment payments schedule for the first 2 yearsPrepare the entries for (1) the loan and (2) the first two installment payments.Show how the total mortgage liability should be reported on the balance sheet at December 31, 2011
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