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Crane Company receives $384,000 when it issues a $384,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The

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Crane Company receives $384,000 when it issues a $384,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $54,000 on December 31. (al) Prepare an amortization schedule of a mortgage note for two years. Annual Interest Cash Interest Reduction Period Payment Expense of Principal Principal Balance Issue date $ S S 12/31/23 12/31/24

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