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 $64,000 on December 31. (al) Your answer is partially correct. Try again. Prepare an amortization schedule of a mortgage note for two years. Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date 384000 12/31/23 64000 38400 25600 358400 12/31/24 64000 35840 28160 330240