Jernigan Co. receives $303,600 when it issues a $303,600, 12%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments of $50,600 on December 31. Prepare the journal entries to record the mortgage loan and the first two payments. (Round answers to 0 decimal places, e.g. 15,250. Credit account titles are automatically indented when amount is entered. Do not indent manually.)