On December 31, 2019, ABC Corporation purchased a building costing $500,000, signing an 8%, 5-year mortgage payable on December 31, 2019. The mortgage will be repaid in 5 annual payments beginning on December 31, 2020. Required: 1. Compute the periodic mortgage payment. (3 pts) 2. Give the general journal entry required to record the purchase of the building. (2 pts) 3. Prepare an effective interest table for the mortgage liability. (5 pts) 4. Give the general journal entry required for each mortgage installment payment (5 entries required). (5 pts)