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Ivanhoe Resort Corp. issued a 20-year, 8%,$275,000 mortgage note payable to finance the construction of a new building on December 31, 2024. The terms provide for semi-annual instalment payments on June 30 and December 31. (a) - Your answer is partially correct. Prepare the journal entries to record the mortgage note payable and the first two instalment payments assuming the payment i frxed principal payment of $6,875. (Round answers to 0 decimal places, es. 5,276. List all debit entries before credit entries. Credit occount titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" fo the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) 275000 Mortgage Note Payable First Instalment Payment Interest Expense 11000 Mortgage Note Payable 6875 Cash Second Instalment Payment 17875 Interest Expense 10725 Mortgage Note Payable 6875 Cash