Mar. 1, 2018Borrowed $520,000 from Longwood Bank. The eight-year, 10% note requires payments due annually, on March 1. Each payment consists of $65,000 principal plus one year's interest.Dec. 1, 2018Mortgaged the warehouse for $550,000 cash with Sage Bank. The mortgage requires monthly payments of $6,000. The interest rate on the note is 7% and accrues monthly. The first payment is due on January 1, 2019.Dec. 31, 2018Recorded interest accrued on the Sage Bank note.Dec. 31, 2018Recorded interest accrued on the Longwood Bank note.Jan. 1, 2019Paid Sage Bank monthly mortgage payment.Feb. 1, 2019Paid Sage Bank monthly mortgage payment.Mar. 1, 2019Paid Sage Bank monthly mortgage payment.Mar. 1, 2019Paid first installment on note due to Longwood Bank