Installment Term Loan On December 31, 2009, Beam, Inc., borrowed $600,000 on an 8%, 10-year mortgage note payable. The note is to be repaid in equal quarterly installments of $21,934 (beginning March 31, 2010). Prepare journal entries to reflect (a) the issuance of the mortgage note payable, (b) the payment of the first installment on March 31, 2010, and (c) the payment of the second installment on June 30, 2010. Round amounts to the nearest dollar. General Journal Description Date Debit Credit a.) Dec.31 Borrowed a mortgage note payable. b.) Mar.31 Interest Expense Cash To record quarterly payment. C.) Jun.30 Mortgage Note Payable To record quarterly payment