Kessel Company purchased a building and land with a fair market value of $400,000 (building, $225,000 and land, $175,000) on January 1, 2024. Kessel signed a 15-year, 5% mortgage payable. Kessel will make monthly payments of $3,163.17. Round to two decimal places. Explanations are not required for journal entries. Read the fequirements 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 175,000.00 225,000.00 Building Mortgage Payable 400,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Beginning Principal Interest Total Ending Balance Payment Expense Payment Balance 1/1/2024 1/31/2024 400,000 2/28/2024 Requirements - 1. Journalize the mortgage payable issuance on January 1, 2024. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2024. 4. Journalize the second payment on February 28, 2024. Print Done