On 31 December 2017, Andersons Inc. incurs a 25-year $750,000 mortgage liability for the purchase of an apartment. The mortgage is payable in equal monthly installments of $7899,18 which include interest computed at an annual rate of 12%. The first monthly payment is made on 30 January 2018. This mortgage is fully amortizing over 300 months.

(a) Complete the amortization table for the first four payments by entering the correct dollar amounts in the blank spaces provided, round to the nearest dollar.

Interest Period		Payment Date		Monthly Payment	Interest Expense	Reduction in Unpaid Balance	Unpaid Balance
1
2
3
4

b. Record the first payment in the general journal.