Kommer Company purchased a building and land with a fair market value of $650,000 (building, $425,000 and land, $225,000) on January 1, 2024 Kemmer signed a 20-year, 8% mortgage payable Kemmer w make monthly payments of $5,435.86 Round to two decimal places. Explanations are not required for journal entries Read the equitement Requirement 1. Journalize the mortgage payable issuance on January 1, 2024 (Record debits first, then credits Exclude explanations from any journal entries) Date 2024 Jan 1 Accounts Debit Credit Requirement 2. Prepare an amortization schedule for the first two payments (Round all numbers to the nearest cent) Beginning Principal Balance Payment 1/1/2024 1/31/2024 2/28/2024 650000 Interest Expense Total Payment Ending Balance 650000 Requirement 3. Journalize the first payment on January 31, 2024 (Enter amounts to the nearest cont. Record debits first, then credits Exclude explanations from any journal entres) Date Debit Credit Accounts 2024 31 Kemmer Company purchased a building and land with a fair market value of $650,000 (building, $425,000 and land, $225,000) on January 1, 2024 Kemmer signed a 20-year, 8% mortgage payable Kemmer will make monthly payments of $5,436 86. 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, 2024 (Record debits first, then credits Exclude explanations from any journal entries) Date 2024 Jan. 1 Accounts Debit Credit Requirement 2. Prepare an amortization schedule for the first two payments (Round all numbers to the nearest cont) Beginning Principal Balance Payment 1/1/2024 1/31/2024 2/28/2024 650000 Interest Expense Total Payment Ending Balance 650000 Requirement 3. Journalize the first payment on January 31, 2024 (Enter amounts to the nearest cent. Record debits first, then credits Exclude explanations from any journal entries) Debit Date Accounts Credit 2024 Jan 31