Illustration: Porter Technology Inc. issues a $500,000, 8%, 20- year mortgage note on December 31, 2017. The terms provide for annual installment payments of $50,926 (not including real estate taxes and insurance) Interest Reduction Princi Expense of Principal Cash Payment Balance Interest Period Issue date (D) 8% $50,926 50,926 50,926 50,926 $40,000 39,126 38,182 37,162 $10,926 11,800 12,744 13,764 $500,000 489,074 477,274 464,530 450,766 4 Iliustration 15-13 Mortgage installment payment schedule 5-20 LO3 Long-Term Notes Payable Illustration: Porter Technology Inc. issues a $500,000, 8%, 20-year mortgage note on December 31, 2017. The terms provide for annual installment payments of $50,926 (not including real estate taxes and insurance). Prepare the entries to record the mortgage and first payment. Dec. 31 Dec. 31