Question 2 of 4 > -/5 Kingbird Construction Inc. needed financing to buy two Case graders. Kingbird receives $380,000 on January 1, 2022. when it issues a 5-year, 5% mortgage note payable The terms provide for semi-annual instalment payments on June 1 and January 1 with fixed principal amounts. Pi Calculate the fixed principal amount required each six-month period Fixed principal portion $ e Textbook and Media List of Accounts Question Part Score --/0.5 Prepare an instalment payment schedule for the first three interest periods KINGBIRD CONSTRUCTION INC. Instalment Payment Schedule-Fixed Principal Payments Cash Payment Interest Expense Reduction of Principal Pri S S S S Interest Perlod Jan 1 2022 July 1 2022 Jan. 1. 2023 JULY 1 2023 6:51 AM - /5 Prepare the journal entries to record the mortgage note payable and the first three instalment payments. Prepare any necessary adjusting entries at Kingbird's December 31, 2022 year end. (Credit account titles are automatically indented when the amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account tities and enter for the amounts) Debit Date Account Titles and Explanation Jan 1) 2022 Credit P2 Duly 1 2022 Dec 31, 2022 W Jan 2023 Du 2025 6:51 PM List of Accounts Question Part Score P3 Provide the balance sheet disclosure for the mortgage note payable at December 31, 2022, being specific about the classifications KINGBIRD CONSTRUCTION INC. Balance Sheet (Partial) December 31, 2022 5 5 eTextbook and Media List of Accounts