mybusinesscourse.com E10-108 alexpavios1997@gmail.com-Gma E Menu Installment Term Loan On December 31, 2014, Beam, Inc., borrowed $500,000 on an six percent, ten-year mortgage note payable. The note is to be repaid in equal quarterly installments of $16,714 beginning March 31, 2015). Prepare journal entries to reflect (a) the issuance of the mortgage note payable, (b) the payment of the first installment on March 31, 2015, and (c) the payment of the second installment on June 30, 2015. Round amounts to the nearest dollar Finish attem General Journal Date Debit Credit Dec 31 Borrowed a mortgage note payable. Mar 31 Interest Expense Cash To record quarterly payment 5 6 8