Company purchased a building with a market value of $315,000 and land with a market value of $40,000 on January 1, 2018. Ethel Company paid $55,000 cash and signed a 20-year, 66% mortgage payable for the balance.

Requirements

1.	Journalize the January 1, 2018, purchase.
2.	Journalize the first monthly payment of $2,149 on January 31, 2018. (Round to the nearest dollar.)