Wildhorse Company borrowed $321,000 on January 1, 2020, by issuing a $321,000, 10% mortgage note payable. The terms call for annual installment payments of $62,000 on December 31. Prepare the journal entries to record the mortgage loan and the first two installment payments. Indicate the amount of mortgage note payable to be reported as a current liability and as a long-term liability at December 31, 2020. (Round answers to 0 decimal places, e.g. 15,250.)