On September $1,2024,$ Speedy Lube signed a $30-$year, $$1,080,000$ mortgage note payable to Jonstown Bank and Trust in conjunction

with the purchase of a building and land. The mortgage note calls for interest at an annual rate of $12$ percent $(1$ percent per month$).$ The

note is fully amortizing over a period of $360$ months.

The bank sent Speedy Lube an amortization table showing the allocation of monthly payments between interest and principal over the

life of the loan. A small part of this amortization table is illustrated below. $($For convenience, amounts have been rounded to the nearest

dollar.$)$

Required:

b$.$ Prepare journal entries to record the first two monthly payments on this mortgage.

c$.$ Complete this amortization table for two more monthly installments$-$those due on December $1,2024,$ and January $1,2025.$

d$.$ Will any amounts relating to this $30-$year mortgage be classified as current liabilities in Speedy Lube's December $31,2024,$ balance

sheet?

Complete this question by entering your answers in the tabs below.

Prepare journal entries to record the first two monthly payments on this mortgage.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.