Current Attempt in Progress A company takes out a four-year, $2.240,000 mortgage on May 1. The interest rate on the loan is 5% per year, and blended payments of $51,586 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company: Beginning Loan Balance $2,240,000 Payment $51,586 51.586 Interest $9,333 9.157 Principal $42.253 42,429 Ending Loan Balance $2.197,747 2,155,318 2,112,712 2,069.929 Payment 1 Payment 2 Payment 3 Payment 4 2.197.747 2,155,318 51.586 8.980 42.606 2.112.712 51.586 8,803 42.783 (b) Prepare the journal entries to record the inception of the loan and the first two monthly payments. Ignore year-end accruals of interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit May (To record the inception of the mortgage)