Kessel Company purchased a building and land with a fair market value of $475,000 building, $375,000 and land, $100,000) on January 1, 2004, Kessel signed a 25-year, 8% mortgage payable. Kessel will make monthly payments of $3.666.13. Round to two decimal places. Explanations are not required for joumal entries Read the requirements Requirement 1. Joumalize the mortgage payable issuance on January 1, 2024 Record debits first, then credits Exclude explanations from any journal entries) Date 2024 Accounts Debit Credit Jan Building Land Mortgage Payable 375,000 00 100.000.00 475,000.00 Requirement 2. Prepare an amortization schedule for the first two payments, (Round all numbers to the nearest cent) Beginning Balance Principal Payment 1/1/2024 1/31/2024 475,000 2/28/2024 Interest Expense 316666 Total Ending Balance 475,000 Requirements 2. Prep the mortgage payable nuance on January 1, 2024 January 31, 2024 Jare the second payment on February 28, 2004 Print Done