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Keel Company purchased a building and land with a fair market value of $475,000 (building, $325,000 and land, $150,000) on January 1, 2018. Keel signed

Keel Company purchased a building and land with a fair market value of $475,000 (building, $325,000 and land, $150,000) on January 1, 2018. Keel signed a 25-year, 8% mortgage payable. Keel will make monthly payments of $3,666.13. Round to two decimal places. Explanations are not required for journal entries.

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