Problem 2 On January 1, 2018, Sanders Company purchased a Building and Land for $350,000 by paying $25,000 in cash and signing a 10-year mortgage payable at 5.5% for the balance. Sanders determines the value of the Land is $50,000 and the Building $300,000. Sanders will make annual payments of $43,117.02 on 12/31 of each year. b) c) Complete the journal entry on 1/1/18 for the purchase of Building and Land Complete the journal entry on 12/31/18 for the first mortgage payment