Eva Company purchased a building with a market value of $285,000 and land with a market value of $55,000 on January 1, 2018. Eva company paid $20,000 cash and signed a 25-year, 12% mortgage payable for the balance. Requierment 1: Jourlize the January 1, 2018 purchase. Requirment 2: Journalize the first monthly payment of $3,370 on January 31, 2018 (round to 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) Accounts and Explanations Debit Credit Date 2018 Jan. 1