Installment Term Loan On December 31, Thomas, Inc. borrowed $980,000 on a 6%, 15-year mortgage note payable. The note is to be repaid in equal semiannual installments of $49,999 (payable on June 30 and December 31). Determine the financial statement effect of: (a) the issuance of the mortgage note payable, (b) the payment of the first installment on June 30 (c) the payment of the second installment on December 31. Round the interest amounts to the nearest