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need help with requirement 2 Keel Company purchased a building and land with a fair market value of $450,000 (building, $275,000 and land, $175,000) on

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Keel Company purchased a building and land with a fair market value of $450,000 (building, $275,000 and land, $175,000) on January 1, 2018.K signed a 20-year, 7% mortgage payable. Keet will make monthly payments of $3,488.85. Round to two decimal places. Explanations are not requir for journal entries Read the requirements Requirement 1. Journalize the mortgage payable issuance on January 1, 2018. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit 2018 Jan. 1 Building 275,000.00 Land 175,000.00 Mortgage Payable 450,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cont.) Beginning Principal Interest Total Ending Balance Payment Expense Payment Balance 1/1/2018 $ 450,000.00 1/31/2018 $ 450,000.00 $ 3,488.85 2/28/2018

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