Crane Resort Corp. issued a 20-year, 8%, $320,000 mortgage note payable to finance the construction of a new building on December 31, 2024. The terms provide for semi-annual instalment payments on June 30 and December 31.

Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment is a blended payment of $16,168. (Round answers to 0 decimal places, e.g. 5,276. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)