Suppose Hard Metal purchases land and a building for $181,000 on October 1, 2020. Hard Metal obtains a mortgage at an annual rate of 8.5 percent and will make monthly payments for 20 years. Using the instalment payment schedule, journalize the entry for the second mortgage payment, which is made on December 1, 2020. (Click the icon to view the instalment payment schedule.) Complete the journal entry below. (Record debits first, then credits. Exclude explanations from journal entries. Round amounts to the nearest dollar.) Journal Entry Date Accounts and Explanations Dec. 1 Debit Credit Instalment Payment Schedule Partial Mortgage Instalment Payment Schedule Blended Mortgage Payments A B C Blended 8.5% Interest Mortgage Monthly for the Month Mortgage (Preceding D x Period Payment 0.085/12) Reduction in Principal (A-B) Balance (Preceding D - Current C) Oct 1, 2020 $ 181,000 Nov 1, 2020 $ 1,571 $ 1,282 289 180,711 Dec 1, 2020 1,571 1,280 291 180,420 Jan 1, 2021 1,571 1,278 293 180,127 Print Done X