Required information Problem 9-1B Record and analyze installment notes (LO9-2) (The following information applies to the questions displayed below.) On January 1, 2021, Stoops Entertainment purchases a building for $530,000, paying $100,000 down and borrowing the remaining $430,000, signing a 7%, 15-year mortgage. Installment payments of $3,864.96 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1B Part 2 2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.) Date Decrease in Cash Paid Interest Expense Carrying Value Carrying Value 01/01/2021 $ 430,000.00 $ 01/31/2021 02/28/2021 3,864.96 3,864.96 Required information Problem 9-1B Record and analyze installment notes (LO9-2) (The following information applies to the questions displayed below.) On January 1, 2021, Stoops Entertainment purchases a building for $530,000, paying $100,000 down and borrowing the remaining $430,000, signing a 7%, 15-year mortgage. Installment payments of $3,864.96 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1B Part 3 3-a. Record the first monthly mortgage payment on January 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.) View transaction list Journal entry worksheet Record the first monthly mortgage payment. Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2021 Note: Enter debits before credits. Date General Journal Debit Credit January 31, 2021 Record entry Clear entry View general journal 3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.) Interest Expense Reducing the Carrying Value First payment ! Required information Problem 9-1B Record and analyze installment notes (LO9-2) [The following information applies to the questions displayed below.] On January 1, 2021, Stoops Entertainment purchases a building for $530,000, paying $100,000 down and borrowing the remaining $430,000, signing a 7%, 15-year mortgage. Installment payments of $3,864.96 are due at the end of each month, with the first payment due on January 31, 2021. Problem 9-1B Part 4 4. Total payments over the 15 years are $695,693 ($3,864.96 ~ 180 monthly payments). How much of this is interest expense and how much is actual payment of the loan? Interest expense Actual payments on the loan