Boston 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 Mortgage Note Payablereduced?