payments of $1,625.52 are due at the end of each month, with the first payment due on January 31, 2018. 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Date Cash Paid Interest Expense Decrease in Carrying Value Carrying Value Required Information $ 140,000.00 01/01/18 01/31/18 02/28/18 1,625.52 1,625.52 [The following information applies to the questions displayed below.] On January 1, 2018, Gundy Enterprises purchases an office 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, 2018. Record the first monthly mortgage payment. Note: Enter debits before credits. Debit Credit Date January 31, 2018 General Journal Notes payable Interest expense Cash 1,625.52 4. Total payments over the 10 years are $195,062 ($1,625.52 x 120 monthly payments). How much of this is interest expense and how much is actual payment of the loan? $ 193,436 Required Information Actual payments on the loan Interest expense [The following information applies to the questions displayed below.] On January 1, 2018, Gundy Enterprises purchases an office 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, 2018. eBook & Resources