On January 1, 2015, Gundy Enterprises purchases an office for $294,000, paying $54,000 down and borrowing the remaining $240,000, signing a 7%, 10-year mortgage. Installment payments of $2,786.60 are due at the end of each month, with the first payment due on January 31, 2015 value 0.71 points Required: 1. Record the purchase of the building on January 1, 2015. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet Record the purchase of the building. Note: Enter debits before credits. Date General Journal Debit Credit January 01 2015 Buildings 294,000.00 Cash Notes payable 54,000.00 240,000.00 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Decrease in Date Cash PaidExpense CarryingValue Interest Carrying Value 240,000.00 01/31/15 1,391.92 02/28/15 References eBook & Resources Problem A Difficulty: Hard Check my work 13 value: 0.71 points Required 3- Record the first monthly mortgage payment on January 31, 2015. (If no a. entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet Record the first monthly mortgage payment Note: Enter debits before credits Date General Journal Debit Credit January31Interest expense 2015 otes payable ash 3- How much of the first payment goes to interest expense and how much b. goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.) nterestReducing the Expense Carrving Value First payment References eBook & Resources Problem A Difficulty: Hard Check my work 14. value: 0.77 points 4. Total payments over the 10 years are $334,392 ($2,786.60 x 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Actual payments on the loan Interest expense