Required information Skip to question [The following information applies to the questions displayed below.] On January 1, 2024, Birmingham Enterprises purchases a building for $195,000, paying $45,000 down and borrowing the remaining $150,000, signing a 8%, 10-year mortgage. Installment payments of $1,819.91 are due at the end of each month, with the first payment due on January 31, 2024.

Required: 1. Record the purchase of the building on January 1, 2024. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)