HydroCup gets a $$600,000,10\%,10-$year mortgage note on December ${31}^{st},2022,$ to obtain financing for a new building. The terms provide for annual installment payments of $$97,647(3$pts$).$

Prepare the entry to record the mortgage loan on December $31,2022(1\mathrm{.}5$pt$).$

Prepare the entry for the first installment payment on December ${31}^{st},2023(1\mathrm{.}5$pt$).$