Exercise 15-10 a-b (Part Level Submission) Sunland Company borrowed $307,000 on January 1, 2020, by issuing a $307,000, 10% mortgage note pa (a) Your answer is correct. Prepare the journal entries to record the mortgage loan and the first two installment payments. (Credit acc Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan 1, 2020 Cash 307,000 Mortgage Payable 307,000 Dec 31, 2020 Interest Expense 30700 Mortgage Payable 17300 Cash 48000 Interest Expense 28970 Mortgage Payable 19030 Cash SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER 7,000, 10% mortgage note payable. The terms call for annual installment payments of $48,000 on December 31. nstallment payments. (Credit account titles are automatically indented when amount is entered. Do not indent Debit Credit 307,000 307,000 30700 17300 48000 28970 19030 48000 (b) Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31, 2020. (Rou Current liability 5 Long-term liability 5 SHOW LIST OF ACCOUNTS LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor