Kemmer

Company purchased a building and land with a fair market value of

$575,000

(building,

$375,000

and land,

$200,000)

on January 1,

2024.

Kemmer

signed a

25-year,

15%

mortgage payable.

Kemmer

will make monthly payments of

$7,364.78.

Round to two decimal places. Explanations are not required for journal entries.Read the requirements

LOADING...

.

Requirement 1. Journalize the mortgage payable issuance on January 1,

2024.

(Record debits first, then credits. Exclude explanations from any journal entries.)

Date			Accounts	Debit	Credit
2024
Jan. 1			Land	200,000.00
			Building	375,000.00
			Mortgage Payable		575,000.00

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