Wildhorse Inc. issues a $$1,220,000,10\%,10-$year mortgage note on December $31,2020,$ to obtain financing for a new building. The terms provide for annual installment payments of $$198,549.$

Prepare the entry to record the mortgage loan on December $31,2020,$ and the first installment payment on December $31,2021.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$