Part 2 of 4 Points: 5.52 of 20 Kahl Company purchased a building and land with a fair market value of $650,000 (building, $425,000 and land, $225,000) on January 1, 2024. Kahl signed a 20-year, 8% mortgage payable. Kahl will make monthly payments of $5,436.86. Round to two decimal places. Explanations are not required for journal entries. Read the requirements. Requirement 1. Journalize the mortgage payable issuance on January 1, 2024. (Record debits first, then credits. Exclude explanations from any journal entries.) Date 2024 Jan. 1 Land Building Mortgage Payable Accounts Debit 225,000.00 Credit 425,000.00 650,000.00 Requirement 2. Prepare an amortization schedule for the first two payments. (Round all numbers to the nearest cent.) Beginning Balance 1/1/2024 1/31/2024 2/28/2024 Principal Payment Interest Expense Total Payment Ending Balance Requirements 1. Journalize the mortgage payable issuance on January 1, 2024. 2. Prepare an amortization schedule for the first two payments. 3. Journalize the first payment on January 31, 2024. 4. Journalize the second payment on February 28, 2024. Print Done - x