On January 1, 2018, Stoops Entertainment purchases a building for $420,000, paying $110,000 down and borrowing the remaining $310,000, signing a 9%, 10-year mortgage. Installment payments of $3,926.95 are due at the end of each month, with the first payment due on January 31, 2018.

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.)

Record the purchase of the building.

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

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.)