1. Edward purchased a bading with a market value of $300,000 and land with a market value of 565,000 on January 1, 2016. Edward paid 500,00 cash and signed a 25-ymar, 18% mortgage payable for the balance Requirements Jounalise the fast monthly payment of 54,932 on January 31, 2016 (Round to the north dollar) (Record debits first then aedis Seled explanations on the last line of the journal entry) Journalize the first monthly paymem ol 84,932 on January 31, 2016. (Rmund to the newest coltar) Date Accounts and Explanations Mortgage Payable Jan 31 Debit Credit 2016 300000 5475 Interest Expense Cash Paid principal and interest payment