Analyzing and Reporting Financial Statement Effects of Mortgages

On January $1,$ Patterson Inc. borrowed $$2,400,000$ on a $10\%,15$year mortgage note payable. The note is to be repaid in equal semiannual installments of $$156,122($payable on June $30$ and December $31).$ Each mortgage payment includes principal and interest. Interest is computed using the effective interest method. Indicate the financial statement effects using the template for $($a$)$ issuance of the mortgage note payable, $($b$)$ payment of the first installment on June $30,$ and $($c$)$ payment of the second installment on December $31.$

Note: For each account category, indicate the appropriate account name. Enter $"$N$/$A$"$ for any account category that is not used for a given transaction.

Note: Indicate a decrease in an account category by including a negative sign with the amount.

Note: Round your answers to the nearest whole dollar.

Balance Sheet Income Statement

Transaction Cash Asset $+$ Noncash Assets $=$ Liabilities $+$