Fordyce Electronics issues a $400000 8% 10-year mortgage note on December 31 20

Fordyce Electronics issues a $400000 8% 10-year mortgage note on December 31 2010. 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 $29433. Payments are due June 30 and December 31.Complete the installment payments schedule for the first 2 yearsPrepare the entries for (1) the loan and (2) the first two installment payments.Show how the total mortgage liability should be reported on the balance sheet at December 31 2011