Installment Notes Payable (12 Points)

On January 1, 2020, Nunez Corporation borrows $1,200,000 from the Bank of Connecticut. Nunez Company issues a 9% 12-year mortgage payable to the bank and agrees to pay $167,580.79 each year throughout the 12-year period.

Directions: Complete the following amortization table to record the initial issuance of the mortgage payable for the first three years.