On October 31, Year 1, Seldon Company incurs a 30-year $600,000 mortgage liability in conjunction with the purchase of a motel. This mortgage is payable in equal monthly installments of $6,485, which include interest computed at an annual rate of 12%. The first monthly payment is made on November 30, Year 1. This mortgage is fully amortizing over 360 months.

Required: (A) Complete the amortization table for the first two payments by entering the correct dollar amounts in the blank spaces provided. (Round your calculations to the nearest whole number.)

Payment Date	Monthly Payment	Interest Expense	Repayment of Principal	Unpaid Balance
Issuance				$600,000
November 30	$6,485	$______	$______	$______
December 31	$6,485	$______	$______	$______

(B) With respect to this mortgage, Seldon's Year 1 income statement includes interest expense of $ ________, and Seldon's balance sheet at December 31, Year 1, includes a total liability for this mortgage of ________. (Do not separate into current and long-term portions.) (C) The aggregate monthly cash payments Seldon will make over the 30-year life of the mortgage amount to $ ________. (D) Over the 30-year life of the mortgage, the amount Seldon will pay for interest amounts to $ ________.

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