Elie purchased a building with a market value of $335,000 and land with a market value of

Question:

Elie purchased a building with a market value of $335,000 and land with a market value of $55,000 on January 1, 2016. Elie paid $10,000 cash and signed a 15-year, 12% mortgage payable for the balance.
Requirements
1. Journalize the January 1, 2016, purchase.
2. Journalize the first monthly payment of $4,561 on January 31, 2016.