Flatley Inc. made a purchase on October 1, 20x7 of a new building for $853,000. They put 25% down and took out out at 30 year, 8.25% mortgage on the balance. Flatley had the building and land appraised and was given a value on a value on the building of $785,000 and on the land $95,000. Total cost Appraised building value Appraised land value Total appraised value You must prorate the selling price to the land & building. If you do not know how to do this look in the index of the financial book to find where it is covered and then read the material on how to do this. It is not difficult. C. Record the first three necessary journal entries. % down on mortgage Dollar amount down Amount of loan Length of loan in year Number of loan payments Interst rate 20x7 calculator or the pymt formula in a. The monthly mortgage payment Use an online Excel. b. Chart showing the payments for the next 12 months Total Liability Monthly Payment Interest Expense Principal Payment New Liability Balance Payment 1 2 3 4 5 6 7 8 9 10 11 12