Dreiling Company borrowed $322,000 on January 1, 2017, by issuing a $322,000, 7% mortgage note payable. The terms call for annual installment payments of $46,000 on December 31

Prepare the journal entried to record the mortgage loan and the first two installment payments.

Jan. 1	Cash	322,000
	Mortgage Payable		322,000
Dec. 31, 2017	Interest Expense	22,540
	Mortgage Payable	23,460
	Cash		46,000
Dec. 31, 2018	Interest Expense
	Mortgage Payable
	Cash		46,000