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14. Jindal Industries issues a $1,200,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide

14. Jindal Industries issues a $1,200,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for semiannual installment payments of $96,290. Instructions: (a) Prepare the entry to record the mortgage loan on December 31, 2020, and (b) Prepare a schedule showing semiannual installment payment for 2021.

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