Installment Term Loan On December 31, 2009, Thomas, Inc. borrowed $1,260,000 on a 12%, 15-year mortgage note payable. The note is to be repaid in equal semiannual installments of $91,537 (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. Debit Credit 1260000 $ 1260000 General Journal Date Description a.) Dec.31 Cash $ Mortgage Note Payable Borrowed a mortgage note payable. 0.) Jun 30 Interest Expense Mortgage Note Payable Cash To record semiannual payment. C.) Dec 31 Interest Expense Mortgage Note Payable 12600 78937 91537 Cash 91,537 To record semiannual payment