Recording and Assessing the Effects of Installment Loans $($FSET$)$

On December $31,$ Dehning, Inc., borrowed $$600,000$ on a $6\%,10-$year mortgage note payable. The note is to be repaid in equal quarterly installments of $$20,056($beginning March $31).$ Using the financial statement effects template, report $(1)$ the issuance of the mortgage note payable, $(2)$ the payment of the first installment on March $31,$ and $(3)$ the payment of the second installment on June $30.$

Note: Use negative signs with your answers, when appropriate.

Note: Select $"$N$/$A$"$ as your answer if a part of the accounting equation is not affected.

Note: Round your answers to the nearest whole dollar.

$\backslash$table$[[\backslash$table$[[$Transaction$]],$Balance Sheet,Income Statement$],[\backslash$table$[[$Cash$],[$Asset$]],$Noncash,,$\backslash$table$[[$Contributed$],[$Capital$]],\backslash$table$[[$Earned$],[$Capital$]],$Revenue $-,$Expenses,$\backslash$table$[[$Net$],[$Income$]]],[+$ Assets,$=,$Liabilities$],[$Dec$.31$: Issuance of note.,$700,000,,,0,,0,,0,0],[$Mortgage note payable hat$(),,,$hat$(),,$hat$(),,$hat$(),],[$Mar$.31$: Payment on note.,$0,,,0,0,0,,0,0],[hat(**),,,$hat$(),$