AB 116 WEEK 5 PROBLEM 15-3A

AB 116 WEEK 5 Talkington Electronics issues a 429500 10 10year mortgage note on December 31 2013 The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $34,464. Payments are due June 30 and December 31.
Prepare the entries for (1) the loan and (2) the first two installment payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Show how the total mortgage liability should be reported on the balance sheet at December 31, 2014. (For Bonds Payable, Notes Payable and Mortgage payable enter the account name only and do not provide any additional descriptive information e.g. due 2023.)

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