On January 1, 2024, Bloomfield Enterprises purchases a building for $294,000, paying $54,000 down and borrowing the remaining $240,000, signing a 7%, 10-year mortgage. Installment payments of $2,786.60 are due at the end of each month, with the first payment due on January 31, 2024. Required: 1. Record the purchase of the building on January 1, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 January 01, 2024 Buildings 1,400 Notes Payable Cash 2,786