borrowed 5600,000 in the form of a mortgage on January 1, 2017, o finance the purchase of a large building. The mortgage rate is 6% and the term is 20 payments of $25,957.43 are made on January 1 and July 1. The foliowing chart shows the first five mortgage payments Semianna Cash PeriodPayment Expense Principle Balance 1 2017 InterestPayment Interest Reduction of Principle $600,000 1/17 25957.43 18,000 7,957.43 592,042.57 1/18 5 $25.95743 17.76 1/18 1/19 1/19 8,196.15 583,846.42 43 17535.39 8,442.04 575,404.38 566,709.08 1525 95743 17001.27?8,956.16 557,752.92 525,957.4 525 95743 17.262 8,695.30 joumalize the establishment of the mortgage and the first mortgage payment made on July 1, 2017 Account /Explanation Debit Credit