Kingbird Inc. issues a $$700,000,10\%,10-$year mortgage note on December $31,2027,$ to obtain financing for a new building. The terms

provide for annual installment payments of $$113,921.$

$($a$)$

Prepare a tabular summary to record the mortgage loan on December $31,2027,$ and the first installment payment on December

$31,2028.($If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign $($or parentheses$)$ in front of

the amount entered for the particular Asset, Liability or Equity item that was reduced.$)$