Answer:
The annual installment payment consists of both interest payments and principal repayment.
The interest is based on the remaining balance which is $3,500,000 in this instance:
= 10% * 3,500,000
= $350,000
Principal repayment = 569,509 - 350,000
= $219,509
a. 
Date                  Account Titles and Explanation        Debit                 Credit
Dec, 31 2020   Cash                                                   $569,609
                          Mortgage Payment                                                    $569,609
Date                  Account Titles and Explanation           Debit             Credit
Dec, 31 2021     Interest Expense                                $350,000
                            Mortgage Payable                              $219,509
                            Cash                                                                             $569,609