PDQ Company borrowed $950,000 cash on January 1, 2022, by issuing a $950,000 6% mortgage note. The terms call for annual installment payments of $65,388 cash on each December 31. Prepare the journal entries to record the loan on January 1, 2022 and the first 2 installment payments. Always include the debit account first and the credit accounts second. If you have a compound entry with multiple debit and or credit accounts include DR and CR to designate if you are debiting or crediting the account. See the example below remembering each line here is one line you are typing into. DR Equipment $100,000 CR Accounts Payable $50,000 CR Cash $50,000

Part A

January 1, 2022 (borrowing date)

Part B

December 31, 2022 (1st payment)

Bank #1

Bank #2

Bank #3

Part C

December 31, 2023 (2nd payment)

Bank #1

Bank #2

Bank #3