Pharoah Company borrowed $$316,000$ on January $1,2022,$ by issuing a $$316,000,10\%$ mortgage note payable. The terms call for annual installment payments of $$57,000$ on December $31.$

$($a$)$

Prepare the journal entries to record the mortgage loan and the first two installment payments. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit