market value of $345,000

and land with a market value of $45,000

on January 1, 20162016.

Ember

paid $15,000

cash and signed a 15-year,

66%

mortgage payable for the balance. Requirements

1.

Journalize the January 1, 2016

purchase.

2.

Journalize the first monthly payment of $$3,164

on January 31, 2016

(Round to the nearest dollar