Keel Company purchased a building and land with a fair market value of $650,000 (building, $ 350,000 and land, $300,000) on January 1, 2024. Keel signed a 20-year,8%

mortgage payable. Keel will make monthly payments of $5,436.86. Round to two decimal places. Explanations are not required for journal entries.

Requirement 1. Journalize the mortgage payable issuance on January 1, 2024.(Record debits first, then credits. Exclude explanations from any journal entries.)

Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.)

Journalize the first payment on January 31, 2024

Journalize the second payment on February 28, 2024.