Question 1 of 13 -/8 E View Policies Current Attempt in Progress A company takes out a five-year $1.80 million mortgage on October 1. The interest rate on the loan is 10% per year, and blended payments of $38,245 (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: Payment 1 Payment 2 Payment 3 Payment 4 Beginning Loan Balance $1,800,000 1.776,755 1.753,316 1,729,682 Payment $38,245 38,245 38.245 38,245 Interest $15,000 14,806 14,611 14,414 Principal $23,245 23,439 23,634 23,831 Ending Loan Balance $1.776,755 1,753,316 1.729,682 1.705,851 (b) Prepare the journal entries to record the inception of the loan and the first two monthly payments. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Debil Credit Date Account Titles and Explanation DO Learn How to Speed It Up efox seems slow... to... start. eter 10 homework Question 1 of 13 -78 (b) Prepare the journal entries to record the inception of the loan and the first two monthly payments. (Credit account titlesore automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the count titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 1 Oct. 31 1 Nov. 30 Learn How to Speed It Up ems slow... to... Start