Kanta Company purchased a building and land with a fair market value of $550,000 (building, $400,000 and land, $150,000) on January 1, 2024. Kanta signed a 20-year, 6% mortgage payable. Kanta will make monthly payments of $3,940.37. 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 Land Building Mortgage Payable Accounts Debit Credit 150,000 400,000 550,000 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Beginning Balance 1/1/2024 1/31/2024 2/28/2024 550,000 Principal Payment Interest Expense Total Payment Ending Balance Requirement 3. Joumalize the first payment on January 31, 2024. (Enter amounts to the nearest cent. Record debits first, then credits. Exclude explanations from any journal entries.) Date 20241 Jan. 31 Accounts Debit Credit Requirement 4. Journalize the second payment on February 28, 2024. (Enter amounts to the nearest cent. Record debits first, then credits. Exclude explanations from any journal entries.) Date 2024 Feb. 28 Accounts Debit Credit