Company purchased a building and land with a fair market value of$650,000 (building, $475,000 and land, $175,000) on January 1, 2016. Kahl signed a 20-year, 8% mortgage payable. KahlK will make monthly payments of$5,436.86. Requirements 1. Journalize the mortgage payable issuance on January 1, 2016 (explanations are not required). 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31,2016 (round to two decimal places). 4. Journalize the second payment on February 29, 2016 (round to two decimal places). Requirement 1. Journalize the mortgage payable issuance on January 1, 2016 (explanations are not required). (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2016 Jan. 1 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 1/1/2016 1/31/2016 2/28/2016 Requirement 3. Journalize the first payment on January 31, 2016 (round to two decimal places). (Enter amounts to the nearest cent. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2016 Jan. 31 Requirement 4. Journalize the second payment on February 29, 2016 (round to two decimal places). (Enter amounts to the nearest cent. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2016 Feb. 29