on January 1, 2024 Stoops entertainment purchases a building for $510,000 paying $120,000 down and borrowing the remaining $390,000 signing an 8% 15 year mortgage. Installment payments of $3727.04 Are due at the end of each month with the first payment due on January 31, 2024.

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

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

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

4. Total payments over the 15 years are $670,867 ($3727.04 x 180 monthly payments.) How much of this is interest, expense and how much is actual payment on the loan?

Required information [The following information applies to the questions displayed below] On January 1, 2024, Stoops Entertainment purchases a buliding for $510,000, paying $120,000 down and borrowing the remaining $390,000, signing a(n) 8\%, 15-year mortgage, Installment payments of $3,727.04 are due at the end of each month, with the first payment due on January 31, 2024. 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? Complete this question by entering vour answers in the tabs below. 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. Do not round intermediate calculations.) Required information [The following information applles to the questions displayed below.] On January 1, 2024, Stoops Entertainment purchases a building for $510,000, paying $120,000 down and borrowing the remaining $390,000, signing a(n) 8%, 15.year mortgage. Installment payments of $3,727.04 are due at the end of each month, with the first payment due on January 31, 2024. 4. Total payments over the 15 years are $670,867($3,727.04180 monthly payments). How much of this is interest expense and how much is actual payment of the loan? (Round your final answers to the nearest whole dollar amount.) 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? Complete this question by entering your answers in the tabs below. 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 feld. Do not round intermediate calculations. Round your final answers to 2 decimal places.) Journal entry worksheet Record the first monthly mortgage payment. Note: Enter deblts before credits. Required information [The following information applies to the questions displayed below.] On January 1, 2024, Stoops Entertainment purchases a building for $510,000, paying $120,000 down and borrowing the remaining $390,000, signing a(n) 8%, 15-year mortgage. Installment payments of $3,727.04 are due at the end of each month, with the flist payment due on January 31,2024. 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)