Installment Term Loan On December 31, 2009. Thomas, Inc. borrowed $770,000 on a 12%, 15-year mortgage note payable. The note is to be repaid in equal semiannual instaliments of $55,939 (payable on June 30 and December 31). Prepare journal entries to reflect (a) the issuance of the mortgage note payable. (b) the payment of the first installment on June 30, 2010, and (c) the payment of the second installment on December 31, 2010. Round amounts to the nearest dollar General Journal Description Debat Credit Date al Dec 31 Borrowed a mortgage note payable. b) n.30 interest Expense To record semana payment ca DC Mortgage rate To record seriament