Kanta Company purchased a building and land with a fair market value of $600,000 (building, $375,000 and land, $225,000) on January 1, 2024. Kantasigned a 30-year, 13% mortgage payable. Kanta will make monthly payments of $6,637.20. Round to two decimal places. Explanations are not required forjournal entries.Read the requirements.Requirement 1. Journalize the mortgage payable issuance on January 1, 2024. (Record debits first, then credits. Exclude explanations from anyjournal entries.)DateAccountsDebitCredit2024Jan. 1Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.)BeginningPrincipalInterestTotalEndingBalancePaymentExpensePaymentBalance1/1/20241/31/20242/28/2024Requirement 3. Journalize the first payment on January 31, 2024. (Enter amounts to the nearest cent. Record debits first, then credits. Exclude