On December 31, 2020, the Bubba Watson Company borrowed $2,800,000 at 8% for 30 years to finance the construction of a 9-hole golf course in Jupiter Island, Florida. The terms of the mortgage note payable requires semiannual payments on June 30 and December 31 of $123,765 each.

A- Prepare the journal entries to record the mortgage loan and the first four semi-annual installment payments. (Round off dollar amounts to the nearest dollar). You may omit reasons for the journal entries

B- Determine the amount of the mortgage note payable that will be reported as a current liability and a long-term liability on the balance sheets for the following dates (Round off dollar amounts to the nearest dollar):

December 31, 2020

December 31, 2021

C- Prepare a properly formatted partial balance sheet as of December 31, 2021.