Exercise 10-29 (Part Level Submission) lossom Company receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $40,000 on December 31. (al) your answer is correct. Prepare an amortization schedule of a mortgage note for two years. Annual Interest Period Cash Payment Interest Expense Keduction of Principal Principal Balance Issue date 240000 12/31/23 40000 24000 16000 224000 12/31/24 40000 224001 17600 206400 (2) Prepare the journal entry to record the mortgage loan. (Credit account titles are automatically indented when amount kenteret. Do not indian mall) Date Account matters and Explanation Dahil Credit Dec 31, 2022