A company takes out an eight-year, $700,000 mortgage on September 1. The interest rate on the mortgage is 7% per year, and blended payments of $9,544 (including both interest and principal) are to be made at the end of each month. The following is an extract from the mortgage amortization table: Determine the missing amounts. (Round answers to O decimal places, e.g. 125.) Beginning Mortgage Balance Payment Interest Payment 1 $700,000 9544 (1) $4,083 Payment 2 694,539 9,544 (3) Payment 3 (5) 9,544 4,019 Payment 4 683,521 9,544 3,987 Ending Mortgage Balance Principal $5,461 $ (2) (4) 689,046 5,525 (6) 5,557 677,964 Prepare the journal entries to record the inception of the mortgage and the first two monthly payments. Ignore year end accr of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, s "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Cash 700000 Mortgage Payable 700000 (To record the inception of the mortgage) Mortgage Payable Interest Expense ITION Cash (To record the first monthly payment) Mortgage Payable Interest Expense Cash (To record the second monthly payment)