Recording and Assessing the Effects of Installment Loans: Semiannual Installments On December 31, 2018, Wasley Corporation borrowed $500,000 on a 10%, 10-year mortgage note payable. The note is to be repaid with equal semiannual installments, beginning June 30, 2019, Required a. Compute the amount of the semiannual installment payment using a financial calculator or Excel, and round amount to the nearest dollar. Payment: $ b. Prepare the journal entry (1) to record Wasley's borrowing of funds on December 31, 2018, (2) to record Wasley's installment payment on June 30, 2019, and (3) to record Wasley's installment payment on December 31, 2019. (Round amounts to the nearest dollar.) General Journal Date Description Debit Credit 12/31/18 06/30/19 Interest expense 12/31/19 Interest expense Interest Expense (E) c. Post the journal entries from part b to their respective T-accounts. Cash (A) Mortgage Note Payable (L) 12/31/18 12/31/18 06/30/19 06/30/19 12/31/19 12/31/19 12/31/18 06/30/19 12/31/19 Top d. Record each of the transactions from part b in the financial statement effects template. Balance Sheet Income Statement + " A Transaction Cash Asset + Noncash Assets = Liabilities + Contrib. Capital + Earned Capital Revenue - Expenses = Net Income 12/31/18 Borrow $500,000 on a 10-year mortgage note payable $ + $ + $ 6/30/19 Interest payment on note 12/31/19 Interest payment on note + + + " - A AA + + + " A