* Question 1 A company takes out a four-year, $680,000 mortgage on May 1, The interest rate on the loan is 7% per year, and blended payments of $16,283 (including both interest and principal) are to be made at the end of each month. The following is an extract from the loan amortization table the bank provided the company: Beginning Loan Ending Loan Balance Payment Interest Principal 3,967 12,316 3,895 12,388 12,460 12,533 Balance Payment 1 Payment 2 Payment 3 Payment 4 680,000 667,684 655,296 642,836 16,283 16,283 16,283 16,283 667,684 655,296 642,836 630,303 3,823 3,750 Prepare the journal entries to record the inception of the loan and the first two monthly payments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titdes and Debit Credit May 1 May 31 un. 30