Hi I was studying mortgage and I couldn't understand the mortgage payable part. Could anybody kindly explain the process? Thanks a lot:)

all duy Ucun Palu. ULJE IUI Peruu tas P P11.3 (LO 3,4) Talkington Electronics issues a R$400,000, 8%, 10-year mortgage note on December 31, 2019 The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of R$59,612. Payments are due on December 31. SC E Instructions a. Prepare an installment payments schedule for the first 4 years. b. Prepare the entries for (1) the loan and (2) the first installment payment. c. Show how the total mortgage liability should be reported on the statement of financial position at December 31, 2020. (B) Cash Payment (C) Interest expense (8% *(A)) P11.3 (p.11-33) (a) (A) Beginning balance of Principal Issue date 31/12/2020 400,000 31/12/2021 372,388 31/12/2022 342,567 31/12/2023 310,360 (D) Reduction of Principal ((B)-(C) (E) Ending balance of Principal ((A)-(D)) 400,000 372,388 342,567 310,360 275,577 59,612 59,612 59,612 59,612 32,000 29,791 27,405 24,829 27,612 29,821 32,207 34,783 (b) 2019 Dec. 400,000 400,000 2020 Dec. 31 Dr. Cash Cr. Mortgage payable 31 Dr. Interest expense Mortgage payable Cr. Cash 32,000 27,612 59,612 Unor A cur- We short Md y ), what We the curve (c) At December 31, 2020 Current liabilities Current portion of mortgage payable Non-current liabilities Mortgage payable 29,821 342,567 ACR11.1 (p.11-35) (except a retained earnings statement of (e)) (a) 1 Jan. 1 Dr. Bond interest payable 2,500 2.500