Exercise 10-24 Nance Co. receives $353,400 when it issues a $353,400, 8%, mortgage note payable to finance the construction of a building at December 31, 2014. The terms provide for semiannual installment payments of $20,437 on June 30 and December 31. Prepare the schedule using effective-interest method to amortize bond premium or discount of Nance Co. (Round answers to 0 decimal places, e.g. 125.) Semiannual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Issue date $ $ $ $ 6/30/15 12/31/15 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entries to record the mortgage loan. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31, 2014 SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare the journal entries to record the first two installment payments. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit First Installment Payment June 30, 2015 Second Installment Payment Dec. 31, 2015