Kahl Company purchased a building and land with a fair market value of $450,000 (building, $300,000 and land, $150,000) on January 1, 2018. Kahl signed a 20-year, 7% mortgage payable. Kahl will make monthly payments of $3,488.85. Round to two decimal places. Explanations are no required for journal entries. Read the requirements Requirement 1. Journalize the mortgage payable issuance on January 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 Jan 1 Building 300,000.00 Land 150,000.00 Mortgage Payable 450,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent) Beginning Principal Interest Total Ending Balance Payment Expense Payment Balance 1/1/2018 1/31/2018 2/28/2018 Enter any number in the edit fields and then click Check Answer 2 parts remaining Clear All Check Answer 300,000.00 e Pay i Requirements e an ing ce 1. Journalize the mortgage payable issuance on January 1, 2018. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2018 4. Journalize the second payment on February 28, 2018. Print Done