Kessel Company purchased a building and land with a fair market value of $$650,000($building$,$ $$500,000$ and land, $$150,000)$ on January $1,2024.$ Kessel signed a $20-$year, $8\%$ mortgage payable. Kessel will make monthly payments of $$5,436\mathrm{.}86.$ Round to two decimal places. Explanations are not required for journal entries.

Read the requirements.