Homework: Chapter F:14 Homework Question 1, EF14-19 (similar to) Part 2 of 4 HW Score: 71.31%, 71.31 of 100 points Points: 3.31 of 16 Save Kemmer Company purchased a building and land with a fair market value of $575,000 (building, $400,000 and land, $175,000) on January 1, 2024. Kemmer signed a 25-year, 15% mortgage payable, Kemmer will make monthly payments of $7,364.78. Round to two decimal places. Explanations are not required for journal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2024. (Record debits first, then credits. Exclude explanations from any journal entries.) Date 2024 Jan. 1 Building Landi Mortgage Payable Accounts Debit Credit 400,000.00 175,000.00 575,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Beginning Principal Interest Balance Payment Expense Total Payment Ending Balance 575,000 1/1/2024 1/31/2024 2/28/2024 575 Help me solve this Etext pages Get more help Clear all Check answer