On January 1, 2021, Gundy Enterprises purchases an office building for $250,000, paying $50,000 down and borrowing the remaining $200,000, signing a 8%, 10-year mortgage. Installment payments of $2,426.55 are due at the end of each month, with the first payment due on January 31, 2021.

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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, 2021. (If no entry is required for a particular 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.)

4. Total payments over the 10 years are $291,186 ($2,426.55 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan?