1. Edward Company purchased a building with a market value of $20,000 and land with a market value of 545,000 on January 1, 2016. Edward Company paid $60.000 cash and signed a 12 year, 18% mortgage payable for the balance. Requirements Jourmaline the January 1, 2018, purchase Joumalire the first monthly payment of $5,602 on January 31, 2018. (Round to the nearest dolar) Requirement 1. Joumalize the January 1, 2018, purchase. (Record debits first, then credits. Select explanations on the last line of the joumal entry) Accounts and Explanations Debit Credit Date 2018 Jan. 1 Requirement 2. Joumalize the first monthly payment of $5,692 on January 31, 2018. Round to the nearest dolar) (Record debts first, then credits Select explanations on the last line of the journal entry) Date Accounts and Explanations Debit Credit 2018 Jan 31 Choose from any list or enter any number in the input fields and then continue to the next to