Clipper Company borrowed $500,000 on December 31, 2017, by issuing a $500,000, 7% mortgage note payable. The terms call for annual installment payments of $80,000 on December 31. Required. (a) Prepare the journal entries to record the mortgage loan and the first two installment payments.| (b) Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31, 2018