Bay Front Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the

Question:

Bay Front Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2012. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31.
Instructions
Prepare the journal entries to record the mortgage loan and the first two installment payments.