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GU Required information The following information applies to the questions displayed below) On January 1, 2021, Gundy Enterprises purchases an office building for $316,000, paying
GU Required information The following information applies to the questions displayed below) On January 1, 2021, Gundy Enterprises purchases an office building for $316,000, paying $56,000 down and borrowing the remaining $260,000, signing a 8%, 10-year mortgage Installment payments of $3,154.52 are due at the end of each month, with the first payment due on January 31, 2021. 3-a. Record the first monthly mortgage payment on January 31, 2021. (if no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) View transactions Journal entry worksheet Record the first monthly mortgage payment. Note: Enter debits before credits Credit Debit 1,733 33 Date General Journal January 31, 2021 Interest Expense Notes Payable Cash Required information Note: Enter debits before credits Credit Date General Journal January 31, 2021 Interest Expense Notes Payable Cash Debit 1,733.33 Record entry Clear entry few general Journal 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.) Interest Expense Reducing the Carrying Value First payment
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