Problem #1 (Amortization of a Mortgage Note) On December 31, 2020, the Bubba Watson Company borrowed $2,800,000 at 8% for 30 years to finance the construction of a 9-hole golf course in Jupiter Island, Florida. The terms of the mortgage note payable requires semiannual payments on June 30 and December 31 of $123,765 each. (a) Complete the amortization schedule below for the issue of the note and the first 4 semi-annual payments. In the column (B) heading, replace the question marks with the appropriate rate of interest for the semiannual periods. Issue date And Payment dates (A) Cash Payment (B) Interest Expense (D) ???% Reduction of Principal (A) (B) (D) Principal Balance (D) (C) Issue Date Payment #1 Payment #2 Payment #3 Payment #4 (b) Prepare the journal entries to record the mortgage loan and the first four installment payments from the amortization schedule above. (Round off dollar amounts to the nearest dollar). You may omit reasons for the journal entries. Skip a row between journal entries. Date Account Debit Credit (b) Determine the amount of the mortgage note payable that will be reported as a current liability and a long-term liability on the balance sheets for the following dates (Round off dollar amounts to the nearest dollar): 1. December 31, 2020 a. Short term: b. Long term: 2. December 31, 2021 a. Short term: b. Long term: