On January 1, 2024, Howell Enterprises purchases a building for $184,000, paying $44,000 down and borrowing the remaining $140,000, signing a 7%, 10-year mortgage. Installment payments of $1,625.52 are due at the end of each month, with the first payment due on January 31, 2024.

Part 3 of 4

3-a. Record the first monthly mortgage payment on January 31, 2024.

3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan?

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Reg 3a

Reg 3b

Record the first monthly mortgage payment on January 31, 2024. (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.)