Kessel Company purchased a building and land with a fair market value of $525,000 (building, $275,000 and land, $250,000) on January 1, 2018. Kessel signed a 15-year, 10% mortgage payable. Kessel will make monthly payments of $5,641.68. 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, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 Jan. 1 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Beginning Ending Principal Payment Interest Expense Total Payment Balance Balance 1/1/2018 1/31/2018 2/28/2018 Requirement 3. Journalize the first payment on January 31, 2018. (Enter amounts to the nearest cent. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 Jan. 31 Requirement 4. Journalize the second payment on February 28, 2018. (Enter amounts to the nearest cent. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 Feb. 28