Metlock Construction Inc. needed financing to buy two Case graders. Metlock receives $300,000 on January 1, 2022, when it issues a 5- year, 5% mortgage note payable. The terms provide for semi-annual instalment payments on June 1 and January 1, with fixed principal amounts. Calculate the fixed principal amount required each six-month period. Fixed principal portion $ Prepare an instalment payment schedule for the first three interest periods. METLOCK CONSTRUCTION INC. Instalment Payment Schedule - Fixed Principal Payments Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance Jan. 1, 2022 $ TA $ $ July 1, 2022 Jan. 1.2023 July 1, 2023 Prepare the journal entries to record the mortgage note payable and the first three instalment payments. Prepare any neoscary adjusting entries at Metlock's December 31, 2022 year end. (Credit account tities are automatically indented when the amount is er Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts: Account Tules and Explanation Jan. 1, 2022 July 1, 2022 Dec. 31, 2022 Jan. 1, 2023 July 1, 2023 Provide the balance sheet disclosure for the mortgage note payable at December 31, 2022, being specific about the classifications. METLOCK CONSTRUCTION INC. Balance Sheet (Partial) December 31, 2022 V $ V > $