Kahl Company purchased a building and land with a fair market value of $ 400 000 (building, $ 225000 and land, $ 175000) on January 1, 2018. Kahl signed a 15-year, 5% mortgage payable. Kahl will make monthly payments of $ 3 163.17. Round to two decimal places. Explanations are not required for journal entries.

Requirements

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.