Ethel purchased a building with a market value of $335,000 and land with a market value of 555,000 on January 1, 2016 Ethel paid $50,000 cash and signed a 12 year 18% mortgage payable for the balance Requirements Journalize the first monthly payment of 55.777 on January 31, 2016. (Round to the nearest dollar) (Record debits first, then credits Select explanations on the last line of the joumal entry) 1. Journalize the first monthly payment of $5.777 on January 31, 2016. (Round to the nearest dollar) Date Accounts and Explanations Debit Credit 2016 Jan 31