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Clemens Corporation issues a 200,000, 10%, 10year mortgage note on December 31, 2012. The mortgage provides...

Clemens Corporation issues a 200,000, 10%, 10year mortgage note on December 31, 2012. The mortgage provides for semi-annual installment payments of $ 24,022. Payments are due on June 30th and on December 31st.

a) Prepare an installment payment schedule for the first two years.

b) (1) Prepare the entries for taking out the mortgage loan and (2) the first two installment payments;

c) Show how the mortgage liability should be reported on the Balance Sheet at 12/31/2013;

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