1. Menthol Electric Services, Inc. entered into a mortgage in the amount of $975,000 to finance its new shop on October 1, 2019. It us now October 31, and the first payment of $5,845.62 is due tomorrow. The note interest rate is 6.5%. The bank, however, has not yet provided the loan amortization schedule. Thus, although Menthol Electric can send the bank a check in the proper amount, it cannot record the payment correctly without knowing the payments principal an interest amounts. Menthol makes all loan payments on the due date. a. To enable recording the Nov. 1 payment, and to ensure Menthol's ability to accurately record the first three payments, your boss, the Controller, has asked you to use the information provided above to compute interest expense, principal reduction and end-of-month unpaid balance for each of the next three months. Specifically, she wants you to fill in the blanks in the following table. Payment Interest Period Issue date Monthly Payment Interest Expense Principal Reduction Date Unpaid Balance $975,000.00 10/1/2019 11/1/2019 12/1/2019 1/1/2020 2 3 $5,845.62 5,845.62 5,845.62 b. Prepare the journal entries to record the November and December 2019 mortgage payments. c. Prepare any mortgage-related adjusting entry required at December 31, 2019, Menthol's year-end. d. The controller believes that Menthol should report in its December 31, 2019 financial statements the total amount of the next twelve mortgage payments, $70,147.44, as a current liability, namely the current portion of long term debt. Is she correct? Why, or why not? e. Prepare the journal entry to record the January 2020 mortgage payment