Question

Glen Pool Club, Inc., has a $144,000 mortgage liability. Themortgage is payable in monthly installments of $1,481, whichinclude interest computed at an annual rate of 12 percent (1percent monthly). a. Prepare a partial amortization table showing(1) the original balance of this loan, and (2) the allocation ofthe first two monthly payments between interest expense and thereduction in the mortgage’s unpaid balance. (Round your answers tothe nearest dollar amount. Enter all amounts as positive numbers.)b. Prepare the journal entry to record the second monthly payment.(If no entry is required for a transaction/event, select “Nojournal entry required” in the first account field.)