CALCULATOR FULL SCREEN PRINTER VERSION BACK Problem 15-04A a-c (Video) Sheridan Electronics issues a $361,000, 3%, 15-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $42,320. Payments are due on December 31. Prepare an installment payments schedule for the first 4 years. (Round answers to decimal places, e.g. 15,250.) Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue Date 361000 30,240 10,830 19,410 341,590 30,240 10,248 19,992 321,598 30,240 9,648 20,592 301,006 30,240 9,030 21,210 279,7971 Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Round answers to decimal places, e.g. 15,250. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit 1 7.2 CALCULATOR FULL SCREEN PRINTER VERSION Prepare the entries for (1) the loan and (2) the first installment payment. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. Round answers to decimal places,.. 15,250. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Show how the total mortgage liability should be reported on the balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to decimal placer 15,250) Sheridan Electronics Balance Sheet (Partial) Show how the total mortgage liability should be reported on the balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information. Round answers to o decimal places, e.. 15,250.) Sheridan Electronics Balance Sheet (Partial) Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER N