On Oct.31, 20X1, Havert Company incurs a 20-year $500,000 mortgage liability in conjunction with the purchase of a factory. This is payable in equal monthly installments of $5,000 which include interest computed at an annual rate of 9%. The first monthly payment is made on November 30, 20X1. This mortgage is fully amortizing over 240 months. Round.

-Compute interest expense for the first monthly payment

-Compute the principal repayment for the first payment.

-Compute interest expense for the second payment.

-Compute the principal repayment for the second payment.

-What is the total outstanding liability at Dec. 31, 20X1?