Pharoah Company receives $270,000 when it issues a $270,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $45,000 on December 31.

a1)Prepare an amortization schedule of a mortgage note for two years.

part 2

Prepare the Journal entry to record the mortgage loan (round to 0 decimal places.)

part 3

prepare the journnal entries to record the first two installment payments

Pharoah Company receives $270,000 when it issues a $270,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $45,000 on December 31. (a1) Prepare an amortization schedule of a mortgage note for two years. Annual Interest Period Cash Payment Interest Expense Reduction of Principal Principal Balance 12/31/23