6. Muscat Corporation an $500,000, 12%, 15year mortgage note on December 31, 2020, to help finance a plant expansion program. The terms provide for semiannual installment payments, not including real estate taxes and insurance, of $36,324. Payments are due Jun0e 30 and Dec. 31.

Required:

1. Prepare a schedule showing the first two installments of 2021. (1 Mark)
2. Prepare the entries to record the mortgage loan and the first two installment payment.