On January 1, 2021, Stoops Entertainment purchases a building for $420,000, paying $120,000 down and borrowing the remaining $300,000, signing a 8%, 15-year mortgage. Installment payments of $2,866.96 are due at the end of each month, with the first payment due on January 31, 2021.

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

Date: Cash Paid: Interest Expense: Decrease in carrying value: Carrying value:

1/1/2021

1/31/2021

2/28/2021