Edward Company purchased a building with a market value of $380,000 and land with a market value of $40,000 on January 1, 2018. Edward Company paid $45,000 cash and signed a 15-year, 6% mortgage payable for the balance. Requirements 1. Journalize the January 1, 2018, purchase. 2. Journalize the first monthly payment of $3,164 on January 31, 2018. (Round to the nearest dollar.) Requirement 1. Journalize the January 1, 2018, purchase. (Record debits first, then credits. Select explanations on the last line of the journal entry.) Date 2018 Jan. 1 Accounts and Explanations Debit Credit