Kahl Company purchased a building and land woth a fair market value of $425,000 (building, $225,000 and land, $200,000) on January 1, 2018. Kahl signed a 30-year, 9% mortgage payable. Kahl will make monthly payments of $3,419.65. Round to two decimal places. Explanations are not required for journal entries.

Kahl Company purchased a building and land with a fair market value of $425,000 (building. $225.000 and land, 5200,000) on January 1, 2018. Kalsigned a 30-year 9% mor not 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. Check yours Date Accounts Debit Credit 2018 Jan. 1 building land mortgage payable 225,000.00 200,000.00 425,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cont.) Beginning Balance Principal Payment Interest Expense Total Payment Ending Balance 425000 1/1/2018 1/31/2018 2/28/2018 425000 Enter any number in the edit fields and then click Check