Wildhorse Co. issues a $411,000, 11%, 10-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $69,788. Payments are due on December 31.

prepare an installment payments schedule for the first 4 years

prepare the entries for (1) the loan (2) the first installment payment

show how the total mortage liability should be reported on the balance sheet st december 31, 2020

Transcribed image text: Problem 10-07A Wildhore sa 411,000, 11%, 10 year mortongeon December 31, 2019. The proceeds from the road to the red in financing a new research show them of the model annustament wyr, duive of real estate awes and insurance of SUI 7. Poments are due on Dec 31 Prepare an instant schedule for the first 4 years and answers to decide 20) Annual Interest Period Cast Payment Interest Expense Reduction of Principal Principal Balance De 1 2 dv Prepare the entries for (3) the loan and (2) the first installment. (Credit unies are automatically indeterminis tyrantes in the ordered in the proble) Account Titles and Explanation Crede ice Assignment Gradebook ORION Downloadable eTextbook ment Show how the total mortgage liability should be reported on the balance sheet at December 31, 2020. (Enter account name dy Wildhorse Co. Balance Sheet $ $