(Answered) Problem - talkington electronics issues a 413500 4 15-year

Accounting

Problem - Talkington Electronics issues a $413,500, 4%, 15-year mortgage note on December 31, 2016. 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 $50,981. Payments are due on December 31.

Required - Prepare an installment payments schedule for the first 4 year.

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