co Kanta Company purchased a building and land with a fair market value of $650,000 (building. $375,000 and land, $275,000) on January 1, 2024. Kanta signed a 20-year, 8% mortgage payable. Kanta will make monthly payments of $5.436.86. Round to two decimal places. Explanations are not required for joumal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2024. (Record debits first, then credits. Exclude explanations from any journal entries.) ork Date Accounts Debit Credit Ales 2024 Jan 1 Land Building Mortgage Payable 275,000.00 375,000.00 650,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Beginning Principal Interest Total Ending Balance Payment Expense Payment Balance 1/1/2024 B50000 1/31/2024 650,000 5436.36 Requirements 4333.33 2/28/2024 1. Joumalize the mortgage payable issuance on January 1, 2024. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2024 4. Journalize the second payment on February 28, 2024 Print Done Help me solve this Etext pages Get more help Clear all Check answer OK This course (ACG 2011 685805) is based on Miller Nobles/Mattison: Horngren's Accounting, 134 Terms of Use Privacy Policy Conright 2011