P9-40A. Accounting for mortgages (Learning Objectives 5 & 6) 20-25 min. Paiscik Corp. completed the following transactions in 2018: Jan 1 Purchased a building costing $190,000 and signed a 10%, 15-year mortgage note payable for the same amount. Jun 30 Dec 1 31 31 31 Made the first semiannual payment on the mortgage note payable. Signed a five-year lease to rent a warehouse for $7,000 per month due at the end of each month. The lease is considered an operating lease. Paid for one month's rent on the warehouse. Leased 8 copiers and signed a four-year lease with the option to buy the copiers at the end of the fourth year at a bargain price. Under terms of the lease, monthly lease payments do not start until January 31, 2020. The present value of the lease payments is $32,000. Made the second semiannual payment on the mortgage note payable. Requirements 1. Complete the following amortization schedule for the first four payments on the $190,000 mortgage note, assuming semiannual payments of $12,360. Round amounts to the nearest dollar. Date Jan 1, 2018 Payment Interest Principal Loan Balance $190,000 Jun 30, 2018 $12,360 Dec 31, 2018 Jun 30, 2019 Dec 31, 2019 2. Record the journal entries for the 2018 transactions. 3. Prepare the long-term liabilities section of the balance sheet on December 31, 2018.