7 ! Part 3 of 4 Skipped Check my work Required information [The following information applies to the questions displayed below.] On January 1, 2024, Stoops Entertainment purchases a building for $500,000, paying $100,000 down and borrowing the remaining $400,000, signing a(n) 7%, 15-year mortgage. Installment payments of $3,595.31 are due at the end of each month, with the first payment due on January 31, 2024. 3-a. Record the first monthly mortgage payment on January 31, 2024. 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? Complete this question by entering your answers in the tabs below. Req 3A Req 3B How much of the first payment goes to interest expense and how much goes to reducing the carrying (Round your answers to 2 decimal places. Do not round intermediate calculations.) First payment Interest Expense Reduction in Carrying Value < Req 3A Req 3B