A company issues a $300,000 mortgage payable with the following terms: 4% interest rate, 5-year term starting January 1, 2021. Semi-annual instalment payments are due on June 30 and December 31. Assume a blended principal and interest payment of $36,987 is utilized in the instalment payments.

Required:

Part A: What is the mortgage payable balance on July 1, 2021 ($)? Answer

Part B: What is the interest expense recognized on the December 31, 2021 payment ($)? Answer

Part C: What is the total cash payment made on December 31, 2021 ($)?