Mortgages Payable Issuance and First Payment On January 1, the company borrowed $500,000 to purchase a new

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Mortgages Payable Issuance and First Payment On January 1, the company borrowed $500,000 to purchase a new building and signed a mortgage agreement pledging the building as collateral on the loan. The mortgage is at 12%

for 30 years, and the monthly payment is $5,143 payable on January 31 with subsequent payments due at the end of each month thereafter. Make the necessary journal entries to record the following transactions:

1. Acquisition of the mortgage.

2. January 31 (first month) payment on mortgage.

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