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On 1/1/X1, Downton Inc. financed the purchase of a building by issuing a $500, 000, 9%, 9-year, mortgage note payable. The journal entry to record

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On 1/1/X1, Downton Inc. financed the purchase of a building by issuing a $500, 000, 9%, 9-year, mortgage note payable. The journal entry to record this transaction is already shown in the journal below. The note will be paid back in equal annual installment payments of $ 83, 400 on December 31 of each year beginning December 31, 20X1 and ending on December 31, 20X9. Required: Using the above information, prepare the journal entries to record the first and second installment payments on 12/31/X1 and 12/31/X2, respectively

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