Glen Pool Club, Inc, has a $147,000 mortgage luability. The mortgage is payable in monthly installments of $1,512, which include interest computed at an annual rate of 12 percent (1 percent monthly).

a. Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgage's unpaid balance.

b. Prepare the journal entry to record the second monthly payment.

c. Will monthly interest increase, decrease, or stay the same over the life of the loan?

a. Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the allocation of the first two monthly payments between interest expense and the reduction in the mortgage's unpaid balance. (Round your answer to the nearest dollar amount. Enter all amounts as positive numbers.

b. Prepare the journal entry to record the second monthly payment. (If no entry is required for a transactional/event, select "No journal entry required" in the first field.

c. Will monthly interest increase, decrease, or stay the same over the life of the loan?

Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare a partial amortization table showing (1) the original balance of this loan, and (2) the alloc monthly payments between interest expense and the reduction in the mortgage's unpaid balance. nearest dollar amount. Enter all amounts as positive numbers.) Amortization Table Monthly interest Period Original balance Monthly Payment Interest Expense Reduction in Unpaid Balance Unpaid Balance Required Required B > - R T Y Ulo View transaction list Journal entry worksheet Record second monthly installment on mortgage payable. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general jour