Requirement 1. The following transactions of Emergency Pharmacies occurred during 2016 and 2017: (Prepare journal entry for each transaction below)

Mar 1, 2016 Borrowed $660,000 from Lessburg Bank. The twelve-year, 15% note requires payments due annually, On March1. Each payment consist of $55,000 principal plus one year's interest.

Dec 31, 2016 Mortgage the warehouse for $250,000 cash with Saban Bank. The mortgage requires monthly payments of $3,000. The interest rate on the note is 9% and accrues monthly. The first payment is due on January 1, 2017.

Dec 31, 2016 Recorded interest accrued on the Saban Bank note.

Dec 31, 2016 Recorded interest accrued on the Lessburg Bank note.

Jan 1, 2017 Paid Saban Bank monthly mortgage payment.

Feb 1, 2017 Paid Saban Bank monthly mortgage payment.

Mar 1, 2017 Paid Saban Bank monthly mortgage payment.

Mar 1, 2017 Paid first installation on note due to Lessburg Bank.

Requirement 2. Prepare the liablities section of the balance sheet for Emergency Pharmacy on March 1, 2017 after all journal entries are recorded. First, prepare an amortization schedule for the Saban Bank mortgage to March 1, 2018. Prepare the schedule for the first three payments, then the remaining months one at a time. (Round your answers to the nearest whole dollar). Include: Beginning Balance, Principal Payment, Interes Expense, Total Payment and Ending Balance in the amorization schedule.

12/31/2016 - Ending Balance

1/1/2017

2/1/2017

3/1/2017

4/1/2017

5/1/2017

6/1/2017

7/1/2017

8/1/2017

9/1/2017

10/1/2017

11/1/2017

12/1/2017

1/1/2018

2/1/2018

3/1/2018

Requirement 3. Review the amorization schedule you prepared and prepare Emergencies Pharmacies Balance Sheet (Partial) March 1, 2017