Kaman Company purchased a building and land with a fair market value of $575,000 (building, $300,000 and land, $275,000) on January 1, 2018. Kaman signed a 25-year, 15% mortgage payable. Kaman 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, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 Jan. 1 Land 275,000.00 300,000.00 Building Mortgage Payable 575,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Beainning Principal Interest Total Ending 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 575000 1/31/2018 2/28/2018 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