Ember purchased a building with a market value of $400,000 and land with a market value of $25,000 on January 1, 2016. Ember paid $50,000 cash and signed a 15-year, 66% mortgage payable for the balance.

Requirements

1.	Journalize the January 1, 2016 purchase.
2.	Journalize the first monthly payment of $3,164 on January 31, 2016.