On January 1, 2018, Stoops Entertainment purchases a building for $570,000, paying $120,000 down and borrowing the remaining $450,000, signing a 8%, 20-year mortgage. Installment payments of $3,763.98 are due at the end of each month, with the first payment due on January 31, 2018.

The following information applies to the questions displayed below.] On January 1, 2018, Stoops Entertainment purchases a building for $570,000, paying $120,000 down and borrowing the remaining $450,000, signing a 8%, 20-year mortgage. Installment payments of $3,763.98 are due at the end of each month, with the first payment due on January 31, 2018. 14 Required information Required: 1. Record the purchase of the building on January 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of the building. Note: Enter debits before credits. Date General Journal Debit Credit January 01, 2018 Record entry View general journal Clear entry