On January 1, 2018, Florida Investments purchases a condo for $400,000, paying $80,000 down and borrowing the remaining $320,000, signing a 6%, 30-year mortgage. Installment payments of $1,918.56 are due at the end of each month, with the first payment due on January 31, 2018. Required: 1. Record the purchase of the condo. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

	Interest expense	Reducing the carrying value
first payment

3-a. Record the first monthly mortgage payment on January 31, 2018. (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.)

3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.)

actual payments on the loan	....................?
Interest expense	..................?

4. Total payments over the 30 years are $690,682 ($1,918.56 360 monthly payments). How much of this is interest expense and how much is actual payment of the loan?

actual payments on loan	.............?
Interest expense	.............?