1- Riley Company issued a $1,500,000, 10%, 10-year mortgage note payable to finance the construction of a building at December 31, 2016. The terms provide for semiannual installment payments of $120,365. When the note was issued the following general journal entry was made:

Cash.................................................................................... 1,500,000

Mortgage Note Payable......................................................... 1,500,000

When the first installment payment of $120,365 was made, by how much was Mortage Note Payable reduced? show working. 2-On January 1, Nickel Corporation purchased a 30% equity in Poole Company for $110,000. At December 31, Poole declared and paid a $30,000 cash dividend and reported net income of $80,000. As of December 31, what is the balance of the Poole Company Investment on Nickel Balance Sheet? show working.