Exercise 10-20 (Part Level Submission) Blossom Company receives $240,000 when it issues a $240,000, 10%, mortgage rate payable to finance the construction of a building at December 31, 2002. The terms provide for annual installment payments of $40,000 on December 31. Your answer is correct. Prepare an amortization schedule of a mortgage note for two years. Anal Interest Pard Cash Payment Interest Expense Reduction of Principal Principal Balance Ime date 240000 12/31/25 40000 240001 15000 224000 12/31/24 23400 17600 201400 HOW OF ACCOUNT HOW ANWES CALCULATOS Prepare the journal tries to record the first two installment payments. (Credit account titles are automatically Indented when I entered one went Debat Attes and Explanation First Installment Payment Dec. 2023 Second installment Payment Dec 31, 2024